J.P. Morgan announced today that it has been selected by Government Services Insurance System (GSIS) of the Philippines to serve as custodian for its US$1 billion overseas investment programme. GSIS provides and administers social security benefits for government employees and offers insurance coverage to assets and properties having government insurable interests. As part of this existing mandate, J.P. Morgan will provide custody and fund reporting, compliance monitoring and performance measurement services to GSIS, with both local client support from Manila and regional management support from Hong Kong. “We are delighted to have been selected by a key public institution like GSIS to provide them with custodial and fund services. We believe that J.P. Morgan’s superior service delivery and financial strength, combined with its disciplined approach to risk management practices enables the firm to help its clients minimise operational and financial risks,” said Laurence Bailey, Asia Pacific chief executive officer for J.P. Morgan Worldwide Securities Services. J.P. Morgan holds market leading positions in the provision of global custody services in Asia Pacific, including in Australia – the largest market in the region. The firm’s ability to serve the specific needs of this industry combined with its track record in managing assets safely and securely were key factors in GSIS’ decision to appoint J.P. Morgan to safekeep their assets. J.P. Morgan leverages the services and products of its Treasury Services division, as well as its Investment Bank and Asset Management lines of business to provide its customers with one-stop solutions.
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