JPMorgan Worldwide Securities Services (JPMorgan WSS) plans to use its Australian operations as a fund accounting hub for the Asia-Pacific.
The phase-in of international accounting standards was allowing JPMorgan WSS to cement Sydney as its regional “centre of excellence” for fund accounting, according to Australian business head Tony Winwood. The Sydney office is now supplying accounting for major institutions in Taiwan, China, Korea and Vietnam. About 30 additional fund accountants were hired over the past 12 months, and more would be added following head office approval of the “centre of excellence” status, Winwood said.
21/11/2006
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Investments
Canada has established its first national-level sovereign wealth fund with a seed of C$25 billion to underwrite “nation-building” projects like ports, mines and energy infrastructure. In an unusual funding mechanism, the fund will issue a retail product that will allow individual investors to invest with the SWF and “participate in Canada’s growth”.
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