JP Morgan has won a competitive tender process to become the new custodian for Club Plus Super.
Club Plus’ decision came following a tender process, said JP Morgan head of sales and client relations for custody and fund services, Bryan Gray.
“We are pleased Club Plus Super, a superannuation fund recognised industry-wide for its member-centric approach, has selected JP Morgan.
“When considering providers, the super fund looked closely at how a new custodial partner will support their efforts to provide better services and returns for members, and we know JP Morgan can add significant value to this outcome,” he said.
JP Morgan will be responsible for custody, fund accounting, unit pricing, and performance and compliance reporting services, and will “support [Club Plus’] efforts to provide better services and returns for members”, Mr Gray said.
Club Plus chief executive Paul Cahill added that JP Morgan will provide Club Plus Super "with the quality of support" the company needs to deliver value to members.
“Consistency in delivery of both services and information is important to our business, as is the need to drive efficiencies and streamline processes,” he said.
Club Plus has more than $2 billion in funds under management for its 90,000 members, and the transition to JP Morgan will occur later in 2016.