J.P. Morgan has selected Clearstream Australia (formerly Ausmaq) as its sub-custodian for its unlisted managed funds and hedge funds in Australia and New Zealand.
Clearstream, the Deutsche Börse subsidiary, acquired Sydney-based Ausmaq from National Australia Bank in July 2019 as part of its move into the Australian domestic market.
The Australian arm of Clearstream offers specialist custody of managed funds and term deposits for leading wrap platform providers as well as wealth managers in Australia.
Now, the newly re-branded Clearstream Australia has been fully integrated into Vestima, Clearstream’s one-stop shop platform for cross-border investment fund services, and will provide access to its international and domestic services for custodian banks in the Australian market.
Vestima provides a central access point to all fund types from mutual funds to exchange-traded funds and hedge funds worldwide.
Nadia Schiavon, head of securities services, Australia and New Zealand, J.P. Morgan, says: “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.”
Ravi Subramaniam, CEO of Clearstream Australia, comments: “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.”
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