J.P. Morgan awarded securities services mandate from Income Insurance
16 April 2025 Singapore
Image: leungchopan/stock.adobe.com
Income Insurance, a Singapore-based composite insurer, has selected J.P. Morgan as the custodian bank for the firm’s assets.
J.P. Morgan has been mandated to provide a suite of services including global custody, fund accounting, collateral management, and securities lending.
“Our appointment reflects the growing demand from exceptional companies with growth plans for enhanced custodian support. It also highlights J.P. Morgan’s commitment to providing dedicated local coverage and impactful solutions in Singapore,” says Wai Mei Hong, senior country officer, Singapore at J.P. Morgan.
In addition to this securities services mandate, Income Insurance has collaborated with J.P. Morgan Asset Management since 2019 to launch its Global Sustainable Income Investment-Linked Policy, along with liquidity management and investment management strategies.
David Chua, chief investment officer at Income Insurance, adds: “J.P. Morgan’s solutions-based approach and experience in managing complex transitions, integration of platforms will bring considerable value to our partnership.
“We have also appreciated the opportunity to collaborate with J.P. Morgan on people development and leadership mentoring that fosters knowledge exchange and development for our people.”
Income Insurance has served more than 1.4 million customers in Singapore and is one of the country’s composite insurers offering life, health and general insurance.
The company has over SG$40 billion (US$30.4 billion) in assets under management.
Ury Gan, chief financial officer at Income Insurance, comments: “Our partnership with J.P. Morgan enhances the integrity and efficiency of our reporting through seamless integration of custody and accounting systems.
“By leveraging advanced digital capabilities and real-time data connectivity, we ensure accuracy, timeliness, and transparency in meeting evolving regulatory requirements. This collaboration not only strengthens our compliance framework but also supports the scalability of Income Insurance’s growing investment portfolio.”
J.P. Morgan has been mandated to provide a suite of services including global custody, fund accounting, collateral management, and securities lending.
“Our appointment reflects the growing demand from exceptional companies with growth plans for enhanced custodian support. It also highlights J.P. Morgan’s commitment to providing dedicated local coverage and impactful solutions in Singapore,” says Wai Mei Hong, senior country officer, Singapore at J.P. Morgan.
In addition to this securities services mandate, Income Insurance has collaborated with J.P. Morgan Asset Management since 2019 to launch its Global Sustainable Income Investment-Linked Policy, along with liquidity management and investment management strategies.
David Chua, chief investment officer at Income Insurance, adds: “J.P. Morgan’s solutions-based approach and experience in managing complex transitions, integration of platforms will bring considerable value to our partnership.
“We have also appreciated the opportunity to collaborate with J.P. Morgan on people development and leadership mentoring that fosters knowledge exchange and development for our people.”
Income Insurance has served more than 1.4 million customers in Singapore and is one of the country’s composite insurers offering life, health and general insurance.
The company has over SG$40 billion (US$30.4 billion) in assets under management.
Ury Gan, chief financial officer at Income Insurance, comments: “Our partnership with J.P. Morgan enhances the integrity and efficiency of our reporting through seamless integration of custody and accounting systems.
“By leveraging advanced digital capabilities and real-time data connectivity, we ensure accuracy, timeliness, and transparency in meeting evolving regulatory requirements. This collaboration not only strengthens our compliance framework but also supports the scalability of Income Insurance’s growing investment portfolio.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
