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:
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