JP Morgan is in talks with representatives from Australia's superannuation fund sector over the use of its online custodial product.
JP Morgan Worldwide Securities Services investor services product head for Australia and New Zealand David Braga told InvestorDaily the company had signed up one group, while another was "onboarding" the offer.
"We're talking to range of our other clients," Braga said.
The service, Online Portfolio Analytics Lab (OPAL), was announced yesterday and is part of JP Morgan's two-year $30 million investment project in data improvements for Australia's institutional sector.
Among OPAL's features, Braga said it can assist super trustees to comply with the Financial Services Council (FSC)/Association of Superannuation Funds of Australia (ASFA) guidance on the disclosure of investment risk in the new Shorter Product Disclosure Statements (SPDS) regime, through the Standard Risk Measure (SRM) classification system.
"One of the needs for SRM is for a client to be able to demonstrate that they have got a methodology with supporting data that backs it up," he said.
Asked whether OPAL required any change for it to comply with the FSC/ASFA guidance, Braga said it did not.
"[OPAL] wasn't a specific Australian response to this regulation, it was a product development to support this type of client globally," he said.
"Fortunately we've been able to use this capability straight into the Australian market. The only thing that we had to do to make it relevant to Australia was source the manager universe for comparison purposes.
"So we've worked with the right provider to get that data and make that available for the Australian investment management universe."
Braga said OPAL is available to JP Morgan's existing clients and will not be offered on a standalone basis.
In terms of future developments, he said the company has already begun work on new mobile reporting, particularly for the ipad.
"We're working on new performance and new analytic reporting, particularly looking at exposure, so fund exposure reporting and then the other aspect we're looking at is fund look through," he said.
"So part of the APRA [Australian Prudential Regulation Authority] requirements that have just been released is look through reporting. So we're looking to support that as well."
A JP Morgan spokesperson said a specific timeline for the roll out of the mobile reporting project had not yet been finalised, however, it was expected later this year or in 2013.
