Key Points
HONG KONG, Dec 12 (Reuters) - JPMorgan Chase (JPM.N) is set to outsource the operations of its local custody business in Hong Kong and Taiwan with Citigroup (C.N), HSBC (HSBA.L) and Standard Chartered (STAN.L) in the race for the mandate, two sources with knowledge of the matter said...
The Wall Street bank, the world's third-largest global custodian, is in the process of selecting another bank to take over the local custodian operations in Hong Kong and Taiwan, said the sources...
JPMorgan has around $520 billion worth of client assets under custody (AUC) as a local custodian in those two North Asian markets, said a third source with direct knowledge of the matter...
JPMorgan's move to exit from local custody services in Hong Kong and Taiwan underscores the shift in focus for this business as macroeconomic uncertainties and geopolitical tensions reshape asset and investment flows...
JPMorgan currently provides both global and local custodian services for clients in Hong Kong and Taiwan but has decided to withdraw from the local level as the cost-income ratio has gone up amid a decline in assets, according to the two sources...
