Jane Perry, head of worldwide securities services for JPMorgan Chase & Co. in Australia and New Zealand, has quit the firm after four years.
“Four years is a long time to be CEO,” says Bryan Gray, managing director, sales and client relationship management for treasury and securities services at JPMorgan in Australia and New Zealand. “She’s implemented changes. It’s unfortunate she’s leaving.”
Perry, whose appointment at JPMorgan was announced on November 5, 2007, will be replaced by Mark Kelley, a U.S.-based executive who is in Australia this week but will begin work in Sydney in November, says Gray.
He says JPMorgan has hired Chris Field from State Street Corp. to head relationship management with JPMorgan’s superannuation fund clients.
“Our relationship manager will analyse regulatory changes and their impact on our clients, how it impacts us and how we can support our clients” says Gray.
JPMorgan has about 40 superannuation fund clients that manage more than $200 billion, he says.
“We’re looking to get a big slice of that market,” says Stewart Cowan, executive director financing and market products at JPMorgan in Australia and New Zealand.
The company manages about $400 billion for its custody clients and has the number two market share in custody in Australia behind National Australia Bank Ltd., says Cowan.
“It’s difficult to be number one as NAB has lots of in-house assets they control,” says Gray. “NAB would recognise the need for a partner to support it. If it partners with someone I’m sure they could continue for many years.”
Gray says JPMorgan wants to bolster its understanding of taxation.
“We need to build greater expertise on tax matters,” he says.
JPMorgan employs about 900 people in treasuries and securities services in Australia and New Zealand.
Last week JPMorgan said Patrick Fanning, formerly of Citigroup Ltd., has been hired as head of transition management for Australia and New Zealand.