Neuberger Berman has extended its custody and funds administration relationship with JP Morgan with a A$2bn new mandate.
It has picked JP Morgan to provide custodian and fund administration services to its $2bn of Australian assets in its unlisted trusts.
The investment bank is Australia's largest custodian. JP Morgan has over A$798bn in total assets under custody for Australian investors. It pushed NAB Asset Servicing from the top spot in the first half of 2016, according to Australian Custodial Services Association stats for December half.
JP Morgan is uniquely positioned to support global asset managers in the Australian market"
Neuberger Berman used JP Morgan as custodian when it launched its A$413m high-yield fixed income listed investment trust last year.
"Our recent announcement to offer new units in the NB Global Corporate Income Trust, along with our plans to launch several managed funds, demonstrates our commitment to the Australian marketplace," Neuberger Berman head of intermediary distribution Matt Thompson said in a statement.
"JP Morgan is uniquely positioned to support global asset managers in the Australian market and we are delighted to expand our partnership with Neuberger Berman," JP Morgan head of sales and relationship management, securities services, Australia and New Zealand, Bryan Gray added.
Australia has A$3.58trn in total assets under custody, 22% of them are with by JP Morgan.
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