J.P. Morgan wins NB mandate

J.P. Morgan has won a key custody mandate – that of asset manager Neuberger Berman.

Neuberger Berman announced today that it had appointed J.P. Morgan to provide custodial and fund administration services to the asset manager’s $2 billion of Australian unlisted unit trust assets as a follow-on from J.P. Morgan’s custodial role in the successful launch of the listed $413 million NB Global Corporate Income Trust last year.

Commenting on the mandate, J.P. Morgan head of Sales and Relationship Management, Securities Services Australia and New Zealand, Brian Gray said he believed the company was uniquely positioned to support global asset managers in the Australian market and was delighted to expand its partnership with Neuberger Berman.”

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Neuberger Berman Head of Intermediary Distribution, Matt Thompson said the firm’s recent announcement to offer new units in the NB Global Corporate Income Trust, along with its plans to launch several managed funds, demonstrated its commitment to the Australian marketplace.

“The exceptional support from J.P. Morgan in the listing of NBI has provided us with the confidence and impetus to expand our partnership,” he said.

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