J.P Morgan Hiring down under
28 May 2010 Sydney
Image: Shutterstock
J.P. Morgan today announced further expansion plans for its Treasury & Securities Services businesses which will see the recruitment of 100 additional staff across Australia and New Zealand and establishment of a new Australian headquarters within the heart of the Westfield Sydney City project in Sydney's CBD in 2012.
The expansion follows J.P. Morgan's recent purchase of ANZ's Custodian Services business, which delivers access to more than 100 clients and AUD 99 billion in assets under custody. More than 170 former ANZ staff have transitioned to J.P. Morgan as part of the acquisition, expanding J.P. Morgan's presence in the strategically important financial centres of Melbourne and Wellington.
J.P. Morgan is now the only firm in the Australian market that can offer the full range of custody services to Australia's sophisticated institutional investment and superannuation sector. Services span the spectrum of global, local, sub-custody and fund administration as well as cash, trade, escrow and collateral management services to domestic and international institutions, corporates, super funds and fund managers.
The local expansion mirrors the strong performance of J.P. Morgan's custody and securities services business around the globe with the firm winning 64% of the world's largest 50 custody mandates, valued at USD 755.7 billion, during 2009 - more than three times the closest competitor*.
Integrated banking and securities solutions
A key theme driving the division's local expansion is the provision of integrated banking and securities services solutions to the corporate and institutional sectors. Recent deals illustrating this trend include a local $6bn superannuation fund with US domiciled assets requiring operating bank accounts to meet its US domestic payment needs (particularly federal and state taxes) in addition to its existing custody requirements; one of Australia's largest infrastructure fund managers, whose requirements included custody services and bank accounts to support US dollar cash payments such as payroll and local operating requirements; a large international insurer who in addition to custody needed a liquidity solution that provided them with enhanced returns on available cash (in both Australia and New Zealand) and another large ASX-listed investment manager who has bundled both custody services and Aussie dollar Demand Deposit Accounts.
"As these case studies illustrate, a growing number of clients are demanding solutions that cover both securities and cash products," said Jane Perry, CEO, J.P. Morgan Treasury & Securities Services, Australia and New Zealand. "The global reach of J.P. Morgan Treasury & Securities Services and its leadership in both these spaces, means we are ideally positioned to help clients find the solutions they need".
New hires to continue
Ms Perry confirmed the division had already hired more than 50 new employees across its local taxation, business analytics and client servicing in the past several months in response to client demand. Around 100 additional hires are expected to be made across a wide cross-section of the business over the coming year.
"Clients are looking for robust and sustainable global relationships which can grow within an evolving environment," Ms Perry said. "We're aiming to work closely with clients to achieve a form of joint execution around new services which will help clients take the next step for their business."
Key areas of innovation this year will include the rollout of escrow services - a new offering in the Australian and New Zealand market and more sophisticated approaches to Derivatives Servicing.
The expanded Treasury & Securities Services business as well as J.P. Morgan's Investment Banking business will move into the new Australian headquarters at 85 Castlereagh Street in 2012. The new 25 story, 32,800 square metre office tower will form part of a world-class retail, tourism and office location currently being constructed around Sydney Tower. J.P. Morgan will be the anchor tenant occupying 16,700 square metres of the new tower.
The expansion follows J.P. Morgan's recent purchase of ANZ's Custodian Services business, which delivers access to more than 100 clients and AUD 99 billion in assets under custody. More than 170 former ANZ staff have transitioned to J.P. Morgan as part of the acquisition, expanding J.P. Morgan's presence in the strategically important financial centres of Melbourne and Wellington.
J.P. Morgan is now the only firm in the Australian market that can offer the full range of custody services to Australia's sophisticated institutional investment and superannuation sector. Services span the spectrum of global, local, sub-custody and fund administration as well as cash, trade, escrow and collateral management services to domestic and international institutions, corporates, super funds and fund managers.
The local expansion mirrors the strong performance of J.P. Morgan's custody and securities services business around the globe with the firm winning 64% of the world's largest 50 custody mandates, valued at USD 755.7 billion, during 2009 - more than three times the closest competitor*.
Integrated banking and securities solutions
A key theme driving the division's local expansion is the provision of integrated banking and securities services solutions to the corporate and institutional sectors. Recent deals illustrating this trend include a local $6bn superannuation fund with US domiciled assets requiring operating bank accounts to meet its US domestic payment needs (particularly federal and state taxes) in addition to its existing custody requirements; one of Australia's largest infrastructure fund managers, whose requirements included custody services and bank accounts to support US dollar cash payments such as payroll and local operating requirements; a large international insurer who in addition to custody needed a liquidity solution that provided them with enhanced returns on available cash (in both Australia and New Zealand) and another large ASX-listed investment manager who has bundled both custody services and Aussie dollar Demand Deposit Accounts.
"As these case studies illustrate, a growing number of clients are demanding solutions that cover both securities and cash products," said Jane Perry, CEO, J.P. Morgan Treasury & Securities Services, Australia and New Zealand. "The global reach of J.P. Morgan Treasury & Securities Services and its leadership in both these spaces, means we are ideally positioned to help clients find the solutions they need".
New hires to continue
Ms Perry confirmed the division had already hired more than 50 new employees across its local taxation, business analytics and client servicing in the past several months in response to client demand. Around 100 additional hires are expected to be made across a wide cross-section of the business over the coming year.
"Clients are looking for robust and sustainable global relationships which can grow within an evolving environment," Ms Perry said. "We're aiming to work closely with clients to achieve a form of joint execution around new services which will help clients take the next step for their business."
Key areas of innovation this year will include the rollout of escrow services - a new offering in the Australian and New Zealand market and more sophisticated approaches to Derivatives Servicing.
The expanded Treasury & Securities Services business as well as J.P. Morgan's Investment Banking business will move into the new Australian headquarters at 85 Castlereagh Street in 2012. The new 25 story, 32,800 square metre office tower will form part of a world-class retail, tourism and office location currently being constructed around Sydney Tower. J.P. Morgan will be the anchor tenant occupying 16,700 square metres of the new tower.
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