JP Morgan's promotion of Jane Perry to country head of treasury and securities services (TSS) for Australia and New Zealand is the latest move in a strategy to combine the management teams of its treasury and asset-servicing businesses in key Asia-Pacific markets. Similar changes are also taking place in China and Japan.
"The decision taken globally was for Asia-Pacific to move to a structure where the two roles are brought together," says Perry. The two teams were already jointly presenting to clients, she adds, and the new governance model formalises that integrated approach. "The intention is to operate as a true treasury and securities services team," she says.
Having assumed the position on January 1, Perry now oversees the team's sales, client coverage and service and product management in her new role.
Customer demand is behind JP Morgan's decision to integrate the business segments. "This change allows us to more effectively deliver solutions covering both securities and cash products," says Simon Jones, Asia-Pacific regional executive for treasury services. "This is something our clients are increasingly looking for."
In her new role, Perry joins Jones on the treasury services Asia-Pacific leadership team and remains part of the Asia-Pacific worldwide securities services management team, headed by Laurence Bailey.
Tony O'Neill, previously head of Australia and New Zealand treasury services, is now TSS head of sales and coverage focusing on the bank and corporate segment. Bryan Gray, who was worldwide securities services head of sales and client management for Australia and New Zealand, is now head of TSS sales and coverage of non-bank financial institutions.
Sydney-based Perry, previously chief executive of securities services in Australia and New Zealand, follows her colleague Lisa Robins, TSS's China executive, into the dual role. Robins took up her position in June last year.
Perry says JP Morgan is in the process of hiring a TSS head for Japan, where Roger Brown heads worldwide securities services and Ricky Kaura heads treasury services.
The bank does not have plans to reorganise management in other parts of the region, she says, adding that it is focusing on markets where it "makes sense".
Australia and New Zealand are two markets where the growth in JP Morgan's securities services business is especially evident. In December, the bank completed its purchase of Melbourne-based ANZ's custody business in those countries. The US bank says it is the only institution now offering a full range of global, domestic and sub-custody products, as well as fund administration and treasury services, down under.
"Australian clients want one provider," said Bailey in an earlier interview. "The [ANZ] acquisition gives us a springboard to better compete locally with the largest players in the [Australian] custody business." He estimated at the time that the bank would achieve a 50% share of the Australian master custody market.
The integration of ANZ's business into JP Morgan's is "going well", says Perry, with 95% of the Australian bank's employees now JP Morgan staff. As for ANZ's 100 custody clients, Perry's team is meeting with them, and the reaction is very positive for the vast majority, she says, but it's too early to comment on likely retention levels.
Looking ahead into 2010, Perry says there are "a lot of things we want to ramp up" in Australia and New Zealand, including the bank's escrow, clearance and registry capabilities. And the bank sees growing Asian demand for securities services, as was highlighted by Sandie O'Connor, global business executive for financing and markets products in a recent interview with AsianInvestor.
Globally, JP Morgan worldwide securities services has $14.9 trillion in assets under custody and $5.1 trillion under administration.