In the last few years, NAB Asset Servicing has lost its position as market leader in Australia to J.P. Morgan, a change reflected in the announcement last week that in the first half of 2021, CareSuper will be transitioning to J.P. Morgan after a 22-year relationship with NAB.

The AUD 16 billion industry superannuation fund, established in 1986 and now representing 53,000 employers and 230,000 members, decided to make the switch after a review conducted with the assistance of Dymond, Foulds & Vaughan. J.P. Morgan is set to provide custody, fund administration and investment reporting services.

"J.P. Morgan's global scale and data-driven approach to securities services are particularly well placed to support our evolving investment program," CareSuper chief investment officer Suzanne Branton said. "The increasing sophistication of the program, including its diversification into private assets across international markets, means J.P. Morgan's capabilities will support our service needs."

J.P. Morgan Australia and New Zealand head of securities services Nadia Schiavon added: "We are excited to start a new partnership with CareSuper and utilise our vast experience within the superannuation industry, combined with our technology solutions, to help support the fund's strategic goals."

The three largest custodians in Australia are J.P. Morgan (with Assets under Custody of AUD 867 billion as at 31 December 2019) followed by NAB Asset Servicing and then Northern Trust.

Australia is a complex and dynamic market, with the Super funds becoming more sophisticated and more demanding of their custodians. So much so that, in December 2019, RBC Investor & Treasury Services announced its withdrawal from its investor services business in Australia. RBC had simply not built a local business of the size and scale required to support the investment required to provide the requisite shareholder return. The bank entered into a memorandum of understanding with Citi with the intention of facilitating an orderly transfer of its book of business.

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In the last few years, NAB Asset Servicing has lost its position as market leader in Australia to J.P. Morgan, a change reflected in the announcement last week that in the first half of 2021, CareSuper will be transitioning to J.P. Morgan after a 22-year relationship with NAB.

The AUD 16 billion industry superannuation fund, established in 1986 and now representing 53,000 employers and 230,000 members, decided to make the switch after a review conducted with the assistance of Dymond, Foulds & Vaughan. J.P. Morgan is set to provide custody, fund administration and investment reporting services.

"J.P. Morgan's global scale and data-driven approach to securities services are particularly well placed to support our evolving investment program," CareSuper chief investment officer Suzanne Branton said. "The increasing sophistication of the program, including its diversification into private assets across international markets, means J.P. Morgan's capabilities will support our service needs."

J.P. Morgan Australia and New Zealand head of securities services Nadia Schiavon added: "We are excited to start a new partnership with CareSuper and utilise our vast experience within the superannuation industry, combined with our technology solutions, to help support the fund's strategic goals."

The three largest custodians in Australia are J.P. Morgan (with Assets under Custody of AUD 867 billion as at 31 December 2019) followed by NAB Asset Servicing and then Northern Trust.

Australia is a complex and dynamic market, with the Super funds becoming more sophisticated and more demanding of their custodians. So much so that, in December 2019, RBC Investor & Treasury Services announced its withdrawal from its investor services business in Australia. RBC had simply not built a local business of the size and scale required to support the investment required to provide the requisite shareholder return. The bank entered into a memorandum of understanding with Citi with the intention of facilitating an orderly transfer of its book of business.