J.P Morgan’s backoffice triumph at OnePath (nee ING Australia) is complete, with the transfer of the servicing contract for a $10 billion slice of the business being announced to stakeholders last week.
The multimanager Optimix business had previously used BNP Paribas Securities Services for a full range of backoffice services, from core custody to accounting and unit pricing.
However last week it’s understood parties were informed that contract would be novated to J.P Morgan Worldwide Securities Services, which had already been servicing the rest of the OnePath business, much of which it maintained following its purchase of ANZ Custodian Services in 2009.
The moves follow a comprehensive backoffice review conducted for OnePath by Mercer Sentinel last year.
