Wednesday, May 10, 2006 - Industry superannuation fund HOST
PLUS has re-appointed leading financial services group JPMorgan Chase Bank, N.A. as its master custodian following a custodian review.
JPMorgan Chase Bank is an international leader in investment banking, business and consumer financial services, operating financial services, financial transaction processing, asset and wealth management, and private equity. As master custodian, JPMorgan will monitor and report on the performance of all the investment managers selected by HOST
PLUS.
JPMorgan was selected from a short list of two custodians, which included BNP Paribas.
HOST
PLUS Chief Executive Officer, Mr David Elia, said HOST
PLUS was very pleased with the outcome.
"HOST
PLUS is delighted to continue its long-standing relationship with JPMorgan, one which dates back 6 years," Mr Elia said.
"HOST
PLUS adopts a best of breed approach and we review key business partner services on a frequent basis to ensure that we maintain or exceed industry standards. We believe that the partnership with JPMorgan will deliver significant benefits to the Fund and its members," he said.
Mr Elia said that this custodian arrangement gave HOST
PLUS access to further services that can enhance their member relationship.
"In this arrangement, JPMorgan will give HOST
PLUS access to "MAX on-line" - a service which involves on-line production of a full and enhanced suite of performance reporting including accounting, taxation and investment performance. The details within the investment performance component will be used to augment our current website information providing savvier investors with more detailed and timely content on our 20 investment options" he said.
JPMorgan Regional Business Executive, Asia Pacific, Mr Laurence Bailey said JPMorgan Chase was extremely pleased to retain the role of master custodian for another term.
"We are proud of our association with HOST
PLUS and the industry superannuation sector as a whole. HOST
PLUS is a major industry superannuation fund, committed to providing a comprehensive service to its members and JPMorgan is pleased it is able to assist in making this possible."
For further information please contact:
David Elia, Chief Executive Officer, HOST
PLUS, Tel 03 8636 7777
About HOST
PLUS:
HOST
PLUS is the national superannuation fund for the hospitality, tourism, recreation and sports industries in Australia. The Australian Hotels Association (AHA) and the Liquor Hospitality and Miscellaneous Union (LHMU) jointly established the Fund in 1987. It is one of the largest super funds in Australia with over 700,000 members, 35,000 employers and funds under management of more than $4.7 billion.
About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is the global industry leader with $11.2 trillion in assets under custody. JPMorgan provides innovative securities services as well as clearance and trust services to the world's largest institutional investors and debt and equity issuers. For more information, please visit
www.jpmorgan.com/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at
www.jpmorganchase.com.
