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HESTA reinstates JP Morgan as custodian
HESTA, the $21 billion industry fund, has reappointed JP Morgan as its custodian.
The decision to continue with JP Morgan's services came after a "competitive tender process", according to a JP Morgan statement.
The custodian will continue to provide custody, portfolio administration, securities lending, performance, compliance and unit pricing services to HESTA, according to JP Morgan.
HESTA executive manager for investments and governance Rob Fowler said JP Morgan would help HESTA "keep pace with industry change in this increasingly competitive member environment".
"JP Morgan demonstrated a deep understanding of our business and has proven it can deliver the breadth and depth of data we need, enabling us to focus on our members and manage a rapidly evolving investment climate," said Fowler.
JP Morgan Investor Services' (Australia and New Zealand) Mark Kelley said his company would help HESTA meet its regulatory and member needs.
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