CUSTODY & CLEARING | Staff Reporter, Hong Kong

JP Morgan launches direct custody & clearing platform in Hong Kong

Michael Drumgoole was appointed as Asia Pacific head of the business.

According to a release, J.P. Morgan Worldwide Securities Services has continued the global rollout of its Direct Custody & Clearing (DCC) platform, going live in Hong Kong and appointing Michael Drumgoole as Asia Pacific head of the business.

As a key strategic market for J.P. Morgan's global clients, Hong Kong is an important milestone in the firm‟s international build-out of its DCC services. The firm‟s global clients will benefit from J.P. Morgan‟s extensive local market expertise in Hong Kong, best-in-class operational and risk management practices and access to all local market infrastructures, including exchanges, clearing houses and depositaries.

Hong Kong is the latest market to join the firm‟s international direct custody and clearing network, which currently includes Australia, Brazil, India, Ireland, New Zealand, Russia, Taiwan, the United Kingdom and the United States.

Rowena Romulo, global Head of Direct Custody & Clearing, J.P. Morgan Worldwide Securities Services, said: “Given an increasingly complex and competitive global environment, it is important that we continue to enhance the services that we provide to our cross-border institutional clients. By providing our international clients with a seamless end-to-end service, we are able to provide a consistent client experience that leverages our global capabilities and deep local market expertise.”

J.P. Morgan has also named industry veteran Michael Drumgoole Head of Direct Custody & Clearing, Asia Pacific, underscoring the firm's continued focus on the region. Drumgoole joins J.P. Morgan from SetClear Pte, where he spent five years as Deputy Chief Operating Officer leading the company's delivery of outsourcing capabilities for international broker/dealers.

Prior to SetClear, Drumgoole spent 19 years with Citi, where he was most recently Regional Product Development Head for Asia. His background includes roles across operations, technology and implementation in new markets.

Romulo noted: “We're delighted to have a leader of Michael‟s caliber and expertise join our regional Direct Custody & Clearing team. Michael will be instrumental in further enhancing the in-region services that we offer to our global clients as we continue to build our international DCC footprint into a market leading platform.”

The firm's global DCC expansion continues to gain recognition, with the recent Global Custodian '2012 Agent Banks in Major Markets Survey' seeing J.P. Morgan Australia and New Zealand commended in all client categories, including best-in-class recognition for specific service areas including cash management and tax reclaims.

J.P. Morgan Worldwide Securities Services is a business that resides within J.P. Morgan‟s Corporate & Investment Bank (CIB).

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