Telstra Super has selected JP Morgan Investor Services as its new master custodian and provider of investment reporting services, effective first half of 2016.
JP Morgan will replace National Australia Bank Asset Servicing (NAS), which has provided custody services to Telstra Super for more than two decades.
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The step is a part of the constant internationalization of the fund’s $17bn portfolio. Telstra Super now has 42% of its assets overseas compared with a heavy domestic bias in previous years.
Telstra Super head of investment operations Miles Mallick said: "We were impressed with JP Morgan’s capability to meet both our core custody requirements, as well as the increased demands associated with our in-house investment management activities.
"The partnership between Telstra Super and our custodian is crucial in delivering strong outcomes on behalf of our members."
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