JPMorgan upgrades Hi-Port as alternatives growth beckons

JPMorgan Worldwide Securities Services (WSS) in Australia has upgraded to the HiPortfolio 3 administration system, just as it has won its first private equity funds management client in Australia.

JPMorgan implemented the HiPortfolio upgrade over last weekend, made easier because of its “plug and play” approach to the system. Laurence Bailey, regional head of the JPMorgan business, said yesterday that the implementation was very quick and efficient. He said that the upgrade demonstrated the firm’s investment in the Australian industry, which, while not growing as fast as other countries in the region, such as China, was still the largest and still growing rapidly. While JPMorgan has taken strategic footholds in countries such as China, India and Korea, Australia and Japan still make up about 90 per cent of its business regionally. Australia makes up about two-thirds of this. Bailey said that his part of the custodian and investment services provider had had a record year following its move to a “product-based approach” to the business. JPMorgan restructured its business last year to have five product managers, led by David Brager. Bailey said that the product managers helped boost both creativity and discipline surrounding the provision of products. This had meant that JPMorgan had been able to better leverage its product offering to existing clients, including its investment banking products and services. In the alternatives space, JPMorgan operates a separate group which has recently introduced an administration platform to Australia. Bailey said that, globally, the hedge fund custody and administration, private equity funds and derivatives processing represented the fastest growing areas of the business. The new head of JPMorgan WSS in Australia – a position which has been vacant for some months – is expected to be announced today.