Neuberger Berman has appointed JP Morgan to provide custodial and fund administration services to the asset manager’s $2 billion of Australian unlisted unit trust assets.
The new mandate follows JP Morgan’s custodial role in the successful launch of the listed $413 million NB Global Corporate Income Trust in 2018.
Bryan Gray, head of sales and relationship management, securities services, Australia and New Zealand, said JP Morgan is uniquely positioned to support global asset managers in the Australian market.
“The depth of JP Morgan’s servicing capabilities ensure we are well-equipped to support Neuberger Berman’s business in Australia and partner in their growth plans and future product launches following the success of NBI,” he said.
Matt Thompson, head of intermediary distribution for Neuberger Berman, said the asset manager's recent announcement to offer new units in the NB Global Corporate Income Trust, along with plans to launch several managed funds, demonstrates the group’s commitment to the Australian marketplace.
“The exceptional support from JP Morgan in the listing of NBI has provided us with the confidence and impetus to expand our partnership,” he said.
“JP Morgan is a first-class custody and fund administration provider for global asset managers in Australia and we have deep expertise in partnering with asset managers on their listed product launches,” said Mr Gray.
“With the strength of our domestic and offshore service teams and industry-leading reporting capabilities, we ensure that our clients consistently meet their reporting obligations.”
JP Morgan is the largest overall provider of custodial services in the Australian custody market, with $798 billion of assets under custody.