JP Morgan has overtaken NAB Asset Servicing as largest overall provider of custody in the Australian market, according to ACSA.
A new report by the Australian Custodial Services Association (ACSA) has found JP Morgan is now the largest provider, with $628 billion in total assets under custody (AUC) as at 20 June 2016.
JP Morgan has pushed NAB Asset Servicing into second place, with $564 billion in AUC.
Six months earlier, at 31 December 2015, NAB was holding onto its pole position at $584 billion (with JP Morgan close behind at $573 billion).
ACSA found that the custodial and administration sector grew by 1.4 per cent in the first half of 2016, with total assets under custody for Australian investors at $2.9 trillion.
Commenting on JP Morgan's new number one position, the firm's head of custody and fund services in Australia and New Zealand, Nadia Schiavon, said it underscored the "importance of an international offering" in the Australian custody space.
"JP Morgan is committed at a global level to our custody and fund services business and, importantly, Australia plays a significant role in JP Morgan’s roadmap for this business. It is of strategic importance to the firm and our leaders, Jamie Dimon and Daniel Pinto, have stated their commitment to the bank’s custody business," Ms Schiavon said.
"Our core priority will always be to safeguard our clients’ assets. We have been there for our clients from the beginning and are continually looking at how we can improve our service.
"Super funds and asset managers require an asset servicing partner with scale, backed by a robust international network. We are able to deliver to our clients the holistic solutions and services they need."
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