J.P. Morgan has picked up a key custody mandate — that of Club Plus Super.
The company announced today that Club Plus Super had J.P.Morgan as its provider of custody and fund services, following a competitive tender process.
As its securities services provider, J.P. Morgan will deliver custody, fund accounting, unit pricing, performance and compliance reporting services to the 90,000 member strong fund, which has more than $2.2 billion in assets under management.
Confirming the mandate, Club Plus chief executive, Paul Cahill said J.P. Morgan's extensive market knowledge and demonstrated awareness of the wide ranging dynamics impacting Club Plus Super, as well as the firm's dedicated transitions and implementation team, set J.P. Morgan apart.
Club Plus Super will transition its business to J.P. Morgan later this year.
The central bank has served up a disappointment for punters on Melbourne Cup Day.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.