[ IN DEPTH | JP MORGAN SECURITIES SERVICES ]
a habit of – while its assets under custody have been rising steadily , and assets under administration – though not published – have also been soaring , according to Fitzgerald . Over the first three months of the year , JP Morgan landed a pair of significant mandate wins : firstly , its deal with Swedish state pension fund Andra AP Fonden , which added around $ 28 billion in assets under custody ; and secondly , the extension of the firm ’ s partnership with Capital Group , providing custody , fund accounting and depositary services to the asset manager ’ s new UK fund range . The custodian also hit $ 1 trillion in assets under custody in Australia – where it remains the largest asset servicer in the country – and continues to partner with
Samuel Beckett Bridge , River Liffey in Dublin , where Fitzgerald is based .
fintechs , add talent and focus on internal innovation . But spend time talking to any of the JP Morgan securities services leadership and you ’ ll see their eyes light up on one particular topic and that is Fusion – its highly touted cloud-native platform which allows institutional investors to integrate and combine data from multiple sources into a single model with a view to enhance analytics and insights . After years of work on its data offering and understanding of clients ’ needs , Fusion appears to be the culmination , and one which can be built upon in the future . Fitzgerald explains how JP Morgan really is doubling down on Fusion as part of its strategy . “ We ’ ve got the right team in place , we built the platform and we ’ ve launched some new products that clients are really excited about . The ESG product – which solves the main ESG data management challenges around normalisation , hierarchy management and screening captures data from multiple sources including MSCI , Sustainalytics , S & P , etc . There are also several other use cases that we ’ re working on with clients . “ Clients ’ appetite for data services , data aggregation services , data normalisation , data distribution is growing all the time . So I think that ’ s a big growth area for the future .” Over the years Global Custodian has profiled JP Morgan ’ s transformation under Heitsenrether , along with conducting deep dives into the securities finance team , Australian custody business and the alternatives servicing unit . But something which we continue to see in recent years is the breadth of the accomplishments from a geographic perspective . The growth is occurring not only in the US where the JP Morgan brand is ubiquitous , but throughout the world , with huge mandates and developments in Europe ( particularly the Nordics of late ), the Middle East and Asia Pacific . Along with the success spreading throughout the world , the leadership team is also present far and wide , and the new global head of securities services being based out of Dublin is significant alongside this dispersion . “ We are truly a global business … so having a globally distributed leadership team is supported by having senior leaders across key regional sites . Members of the management team and senior leaders are now in New York , Boston , London , Hong Kong , and now in Dublin and that gives us the optimal mix to run a truly global business . We are fortunate to have an amazing team with talented leaders ,” Fitzgerald continues . “ The fact that I ’ m based in Dublin in a European time zone will help to cover the time zones better , given I ’ m in the middle of the US and APAC .” Fitzgerald has big shoes to fill , there ’ s no doubt about that , but the fact he has been on the transformation journey alongside Heitsenrether and the team over the last seven and a half years will have played a large role in JP Morgan ’ s top brass having confidence in handing him the reins , while elevating Heitsenrether to lead a new unit which is key to its future .
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