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J.P. Morgan’s Worldwide Securities Services (WSS) business today announced plans to expand its direct custody and clearing footprint. This will provide WSS clients with a consistent and integrated custody solution that extends J.P. Morgan’s expertise and disciplined risk management strategies through to the local marketplace.
The expansion plan builds on J.P. Morgan’s existing local presence in a number of markets, including Australia, India, New Zealand, Taiwan, Russia, UK and US with on the ground coverage and expertise for clearing, settlement, custody and asset servicing. J.P. Morgan already offers custody and clearance services to institutional investors in over 100 markets, and has a strong track record in successfully delivering securities services solutions for global and emerging markets by choosing the best model for each market.
Rowena Romulo, Head of Direct Custody & Clearing at WSS, said: “Expanding our local services into additional markets is a natural extension of our existing business and is compelling: it gives clients an integrated solution across a range of markets supported by our world-class client service, a unified technology platform and local market expertise.”
Nick Rudenstine, Custody & Clearing Executive at WSS, said: “This is an important element of the firm’s plans and priorities for international growth. J.P. Morgan already offers global custody and clearing solutions in the countries in which we are looking to expand. We have extensive relationships with many of the clients with which we want to grow this business, particularly those with cross-border investment flows and those with domestic business in the target markets. We believe we can also add new clients seeking local custody and clearing services and grow these relationships across the firm.”
J.P. Morgan plans to prioritise markets, looking first at those that most closely align with the Firm’s goals for expansion, as well as client and market requirements. In keeping with this approach, J.P. Morgan plans to tailor the model in each of its new local markets, and will continue to work with its existing sub-custodian agents to find solutions.
The expansion follows the announcement earlier this year that Heidi Miller, former CEO of J.P. Morgan’s Treasury and Securities Services, was named President of International at J.P. Morgan, and the expansion of J.P. Morgan’s Global Corporate Bank, which manages the Firm’s overall relationships with large corporations, financial institutions and public sector organizations.
