JP Morgan becomes largest custodian

27 September 2016
| By Mike |
image
image
expand image

JP Morgan has emerged as Australia's largest overall custodian, according to the latest data published by the Australian Custodial Services Association (ACSA).

The firm has supplanted NAB Asset Servicing as the largest custodian, with the company's head of custody and fund services, Nadia Schiavon, attributing the achievement to its focus and the implementation of its growth strategies.

"This achievement underscores the importance of an international offering in this dynamic and rapidly growing market," she said.

NAB Asset Servicing is now the second largest custodian, followed by BNP Paribas, Citigroup, and Northern Trust.

The ACSA data pointed to the Australian custodial and administration sector having grown by 1.4 per cent in the first half of 2016, with total assets under custody (AUC) for Australian investors at $2.9 trillion.

The data pointed to the sector is witnessing overall positive growth but with a change in the underlying drivers with custody of on-shore assets outpacing that for off-shore.

The ACSA analysis showed:

  • In the six months to 30 June 2016, total AUC for Australian investors grew to $2.95 trillion; representing circa 183 per cent of the capitalised value of All Ordinaries and indicating the growing need for alternative asset allocation and foreign markets;
  • Of this amount, $2.05 trillion represents Australian assets; a 3.1 per cent increase from last perio; and
  • The remaining $903 billion in foreign assets represented a decrease of 2.4 per cent; despite the fall, off-shore investment still constitutes 30.6 per cent of the total AUC for Australian investors.
Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 5 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 5 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 6 hours ago