JP Morgan plans to hire 100 staff for its treasury and securities services business on the back of the firm's decision to introduce new services to the local market, according to JP Morgan Treasury and Securities Services chief executive Jane Perry.
"We are growing our business and will add 100 new staff by the end of the year. The growth in staff numbers is due to new business acquisitions and our plans to expand our products and services," Perry said.
In November last year the firm bought ANZ's custody business, adding $99 billion in assets under custody.
JP Morgan has retained most of the staff from ANZ and is on track to retain ANZ's custody clients, Perry said.
"The acquisition of ANZ has also meant that we had people located in the strategically important cities of Melbourne and Wellington," she said.
The firm also has plans to launch a derivatives service that manages the process of over-the-counter (OTC) transactions and derivatives on behalf of clients.
"The OTC industry is undergoing significant change, which is necessitating clients to review their infrastructure to address new connectivity, reporting and timing challenges," JP Morgan Treasury and Securities Services head of product David Braga said.
"These changes do not come cheaply, so outsourcing is a very viable option."
The firm is now well positioned to offer a full range of custody services including global, local, sub-custody and fund administration, Perry said.
