Queensland superannuation fund LGIAsuper has awarded JP Morgan with a mandate to continue providing custodian services for another three years.
JP Morgan will remain as the full service custodian of LGIAsuper and its $11 billion assets under management, according to a statement.
JP Morgan Australia and New Zealand head of sales and client management, investor services Bryan Gray said JP Morgan was “very pleased” to continue its partnership with the Queensland super fund.
“Funds are facing increasing pressure to collate and analyse data from multiple sources and to deliver tailored investment products for members,” Mr Gray said.
“JP Morgan’s understanding of data needs and insights into technology ensures we are able to support LGIAsuper as it finalises the implementation of class-leading integrated digital infrastructure.”
“As the fund embarks on a period of growth and transformation, JP Morgan will continue to ensure our product capabilities align with LGIAsuper’s operating model and will continue to service its needs now and into the future,” he added.
LGIAsuper chief executive officer David Todd said the fund was confident in JP Morgan’s support.
“JP Morgan has been a trusted partner throughout our transformation to a leading public offer fund,” he said.
LGIAsuper began as the default super fund for Queensland local government employees before it became a public fund in late June 2017, and has $11 billion funds under management and 85,000 members.