Earlier, City Super has said that it will merge with an existing client of JP Morgan, Local Government Super (LG Super), on 30 June 2011.
City Super has more than 13,000 members and approximately $1.1b in funds under management. LGS is a signatory to the United Nations Principles of Responsible Investment and a member of the Investor Group on Climate Change.
JP Morgan head of TSS sales and client management Bryan Gray said the new $1.5bn mandate further strengthened JP Morgan’s position in the investment and administration sector.
"We are currently in discussions with LG Super and City Super to find ways to optimize the custody and administration offering. We are committed to ensuring our services are the best possible fit for the new fund including providing tax propagation, currency overlay and securities lending services.
"Our prospects in 2011 are strong and we have the right team in place to continue the growth we have seen locally and in Asia Pacific. We will continue to develop strong partnerships, elevate our client service offering and enhance our range of market leading products," Gray concluded.
