JP Morgan's purchase of Melbourne-based ANZ's custody business will round out the US bank's Australasian offering and give ANZ's clients a custody provider with global scale, say the firms' executives.
The takeover adds third-party, local sub-custody to JP Morgan's offering in Australia and New Zealand, where it already offers global custody, clearing and fund administration services.
"The acquisition is complementary to our existing offering in Australia," says Laurence Bailey, Asia-Pacific chief executive of JP Morgan's worldwide securities services unit. ...