Club Plus Super has appointed J.P. Morgan as its provider of custody and fund services, following a competitive tender process.
As its securities services provider, J.P. Morgan will deliver custody, fund accounting, unit pricing, performance and compliance reporting services to the 90,000 member-strong Club Plus Super, which has more than $2.2 billion in assets under management.
The superannuation fund selected J.P. Morgan as it believes the firm is well positioned to service its immediate and evolving needs. J.P. Morgan’s investment in technology, combined with expertise across its teams, was said to be instrumental in the appointment.
Chief executive of Club Plus Super, Paul Cahill, commented that central to the strategic direction of the fund and its overall performance was a focus on meeting member needs and, as such, it was essential that Club Plus Super partnered with an organisation that has a proven understanding of the fund’s member and investment priorities. The bank’s user-friendly technology also played an important role in the fund’s decision.
“J.P. Morgan will provide Club Plus Super with the quality of support we require to deliver ongoing value to our members,” Cahill said.
“Consistency in delivery of both services and information is important to our business, as is the need to drive efficiencies and streamline processes.”
Club Plus Super will transition its business to J.P. Morgan later this year.