Mosaic Portfolio Advisers (MPA) has reduced the number of service providers used by the wealth management and advice group, with the firm selecting JP Morgan to provide custody and fund administration services for another 10 of its funds.
MPA, a wholly-owned subsidiary of SFG Australia, has had four of its managed investment schemes handled by JP Morgan since 2011.
“It’s an extension of service, but also is the consolidation for a number of lines of business and providers Shadforth, which Mosaic sits under, has today,” JP Morgan Worldwide Securities Services (WSS) head of relationship management for investment managers David Brown told InvestorDaily.
“Mosaic has come to us looking to consolidate as well as to take on the additional services, specifically around fund or accounting services and the performance services, which is where OPAL (Online Portfolio Analytics Lab) fits in.”
He said the firm was noticing a significant increase in the number of additional services being taken up by its clients.
OPAL, a front-end tool, would deliver a high degree of tailoring for MPA as well as through JP Morgan WSS, which could customise to MPA’s needs, he said.
“It’s the culmination of reviewing and understanding the information behind the scenes and then developing tools with which that information can be delivered,” he said.
“What we will see over the next six to 12 months is a continuation of that rollout in a number of areas with respect to reporting and data information being provided to our clients.”
The tender for the mandate began in December 2011 and was completed in February this year. JP Morgan WSS is currently onboarding, which will be completed this month.
Early this year, JP Morgan announced it would invest $30 million in its technology to elevate its product capabilities amid the changing dynamics of the industry.
