JPMorgan sets up custody middle office in Australia

New premises in the city of Adelaide will act as the bank''s service hub for Asia-based asset management clients.

Cherie Marriott

August 14, 2001

Global custodian JPMorgan has established a hub in Australia to service fund managers in the growing business of middle office outsourcing. JPMorgan inherited its existing Adelaide presence, including about 200 staff, when BT Asset Management outsourced its back and middle office operations to JPMorgan at the end of last year under a five-year contract.

Until now, JPMorgan has been servicing BT from BT's own premises and will continue to do so until December 2002 when it will relocate its business and its staff to a new building selected this week. From the new premises, JPMorgan plans to cater for the anticipated growth in outsourcing over the next five to 10 years.

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