POWERED BY MOMENTUM MEDIA
Spirit Super inks deal with JP Morgan
JP Morgan said in a statement it has successfully completed the transition of the $30 billion industry super fund Spirit Super and will provide full-scale global custody and fund administration services to the fund.
JP Morgan has been the custodian to CareSuper since 2020, which is expected to merger with Spirit Super in late 2024 after the pair recently announced a binding agreement.
The merger will create a fund with nearly $50 billion in assets and 500,000 members.
JP Morgan Securities Services is the largest provider of custody services across the Australian market, with over $1 trillion in assets under custody.
“Partnering with J.P. Morgan marks a significant milestone for Spirit Super,” said Ross Barry, chief investment officer at Spirit Super. “Their proven track record and global expertise will be invaluable as we strive to achieve our strategic ambitions and continue to deliver optimal results for our members.”
Similarly, Nadia Schiavon, head of securities services, Australia and New Zealand at JP Morgan, welcomed the deal.
"Following Spirit Super’s transition onto our global strategic technology platform, J.P. Morgan is prepared and ready to support both Spirit Super and CareSuper for their upcoming merger,” said Schiavon.
“Underpinning our collaboration is our dedicated transitions team and extensive experience gained from supporting the local superannuation industry with several key strategic mergers.”
JP Morgan Securities Services has US$34 trillion in assets under custody globally and delivers best-in-class asset servicing and data solutions in more than 100 markets.
AUTHOR
Maja Garaca Djurdjevic
Recommended for you
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
ASIC chair Joe Longo has delivered a blunt warning to superannuation trustees, cautioning that board-level ignorance of member complaints and internal failings will not be tolerated and could trigger enforcement action.
ART has cautioned regulators against imposing overlapping obligations on superannuation funds already operating under APRA’s comprehensive framework, saying that additional oversight should be “carefully targeted to address potential gaps in other parts of the market”.
The super fund has appointed Simone Van Veen as chief member officer.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
