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.
