The custodian recruited Bronwyn Clere from a Hong Kong-based role to run its direct custody operations in Melbourne and New Zealand, JP Morgan confirmed yesterday.
The migration of its direct custody business, which was bought from ANZ Custodian Services in 2010, was completed in November last year.
Jane Perry, CEO of JP Morgan’s Treasury and Securities Service businesses, said in a statement that the Australian and New Zealand markets were “integral” parts of the custodian’s broader Asia-Pacific growth strategy.
Speaking with Investment Magazine in March, Laurence Bailey, Asia-Pacific CEO at JP Morgan Worldwide Securities Services, said the business aimed to strengthen its core custody offerings worldwide through its global ‘custody foundation’ project.
The acquisition of the ANZ custody unit was part of this direct custody roll-out, and was mirrored by purchases in Taiwan, India and Brazil, Bailey said.
‘Custody foundation’ was undertaken in response to clients’ preference for local services as they invested worldwide, he said.
Clere was also been joined by Wayne Francis, JP Morgan’s new head of direct custody and clearing in Australia, and Ben Vanden Boom, head of securities services operations for Melbourne and New Zealand.
Francis’ last major tenure in the industry, which ended in mid-2009, was as director of securities and fund services at Citi in Australia and New Zealand.
Vanden Boom joined from AXA Australia, where he was responsible for the wealth manager’s central operations.