LMI giant appoints JP Morgan as custodian

Genworth has awarded JP Morgan a mandate to deliver custody and investment administration services for its $3.5 billion investment portfolio, according to a statement.

Commenting on the appointment, Genworth Australia chief financial officer Luke Oxenham said: “We are confident that JP Morgan’s global capabilities, technology infrastructure and locally based client support will ensure it is a strong partner for our business and will meet our requirements and objectives.”

JP Morgan Australia and New Zealand head of sales and client management, investor services Bryan Gray said that the company’s global capabilities and local presence would deliver Genworth “tailored services… in a seamless way”.

“Our continued investment in the needs of our insurer clients also ensures we are able to address changing regulatory requirements,”Mr Gray continued.

“JP Morgan’s access to a diverse range of products across the breadth of our business, including OTC derivatives and collateral management services, securities lending services, extensive markets coverage and execution services, and industry intellectual capital ensures we are well positioned to service Genworth’s immediate and future needs.”

[Related: Genworth CEO optimistic despite profit plummeting by 34%]