Local Government Super (LGS) has announced a five-year partnership extension with JP Morgan which will continue to provide the fund its custody services.
The decision followed a formal open-market tender process due to “significant growth and structural change to LGS offerings” which prompted the management to conduct an independent tender process in order to assess the offerings in the market, the firm said.
JP Morgan, which has been providing its custody services for LGS since 2003, would continue to offer services including the physical safekeeping of assets, and account and administration services such as unit pricing, compliance and securities lending.
“LGS and JP Morgan have worked closely together for a number of years to support our strategic objectives across our custody, fund administration and securities lending services,” LGS chief executive officer, Phil Stockwell, said.
“Ongoing access to the expertise and capabilities of J.P. Morgan ensures we continue to provide strong outcomes for our members.
“JP Morgan will provide the services we need to build on our reputation as one of Australia’s most responsible investment managers with a strong focus on performance and value for money.”