Clearstream Australia appointed as sub-custodian for J.P. Morgan’s unlisted managed funds processing in Australia and New Zealand
Clearstream Australia Ltd has been appointed by J.P. Morgan as its sub-custodian for unlisted managed funds and hedge funds in Australia and New Zealand.
International players active in the Australian market have looked to Clearstream to provide the same infrastructure service domestically that it provides internationally to its clients and to handle the link from the Australian managed funds market back to the global markets.
With the roll-out of Clearstream’s Vestima fund processing platform in Australia, local custodian banks, wrap platforms and wealth managers will benefit from increased efficiency and safety in fund processing.
Vestima provides a central access point to all fund types from mutual funds to ETFs and hedge funds in around 50 markets worldwide. With approximately EUR 3 trillion assets under custody, Vestima connects institutional investors with fund administrators and transfer agents.
Nadia Schiavon, Head of Securities Services, Australia and New Zealand, J.P. Morgan, said: “Appointing Clearstream as J.P. Morgan’s sub-custodian for unlisted funds processing in the Australia and New Zealand market delivers operational efficiencies and global standardisation. Clients retain a single experience with J.P. Morgan and further benefit from alignment with the firm’s global service offering.”
Philippe Seyll, CEO of Clearstream Banking S.A. and Head of Investment Fund Services, added: “Together with local partners, Clearstream provides access to over 190,000 funds from 50 fund markets worldwide. We are delighted to extend our relationship with J.P. Morgan also in the Australian market.”
Ravi Subramaniam, CEO of Clearstream Australia Ltd, added: “The Australian market is the largest fund domicile in Asia Pacific. Being the largest global custodian in Australia, J.P. Morgan covers a client base ranging from superannuation funds to wealth platforms. Its connection to Vestima will deliver J.P. Morgan and its clients class-leading efficiency and reach.”
As an international central securities depository (ICSD), headquartered in Luxembourg, Clearstream, which is part of Deutsche Börse Group, provides the post-trade infrastructure for the Eurobond market and services for securities from 59 domestic markets worldwide. With 16 trillion Euros in assets under custody, Clearstream is one of the world’s largest settlement and custody firms for domestic and international securities.
Clearstream delivers investment fund solutions built on asset safety and distribution efficiency. The Vestima one-stop shop for funds acts as single point of entry for orders, streamlined cash management and consolidated position reporting in a secure environment. Clearstream offers customers direct access to local domiciled funds in 50 fund jurisdictions worldwide.