This year’s top 10 stories included a peek into AustralianSuper’s international equities build out in London, AMP’s move to slash employee benefits, and plenty of hard-hitting analysis of the issues that matter in institutional investment. But the real story is how readers helped shape all of that coverage.
Orbis’ Stuart Place is riding from Melbourne to the Moon and Back to fund a treatment for the “monster of a disease” that his youngest son was born with. The investment industry is rallying behind him.
JP Morgan keeps Aussie transitions business open
JP Morgan and Credit Suisse have both closed down much of their transition management businesses internationally, but JP Morgan confirmed Friday that its Australian business was unaffected by the offshore moves.
According to the newsletter ‘aiCIO’, Credit Suisse has quietly closed at least part of its transitions business, but declined to comment on the matter. JP Morgan announced that it was closing its business in the western hemisphere, including North America, as well as emerging markets and the Middle East.
Bryan Gray, Sydney-based managing director and head of sales and marketing for JP Morgan, said the transitions business in the other markets was “non-core”. The company would focus on custody and fund services, prime broking and financing and agency clearing, collateral and execution globally.
“It is business as usual for our TM business in Australia,” Gray said. “Our Australian clients are active users of the service and it has become a critical component of our service offering to them. The team will all remain in the business in Australia and there’s no change for our local clients.”
According to ‘aiCIO’, JP Morgan had become one of the dominant players in the transitions market, on the back of its US$18.8 trillion in global client custody assets as of last year.
