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JPMorgan's Australia TM to stay open
21 May 2013
As news hits the headlines about JPMorgan shutting down its transition management business, Global Investor/ISF learns the bank is keeping its Australia business open. Stephanie Baxter reports
JPMorgan's transition management business in Australia will remain open, according to Global Investor/ISF's sources.
It is also believed that the bank's New Zealand business will stay open. Patrick Fanning heads up both businesses.
JPMorgan has confirmed to Global Investor/ISF that it "is winding down its transition management business".
Global Investor/ISF understands that the US and UK divisions are being wound down.
The revelation follows recent reports that Credit Suisse was closing part of its transition management business.
The business has been through troubling times in the past couple of years and is now coming under heightened scrutiny from regulators. In the UK, reports suggest that the new Financial Conduct Authority (FCA) has started an investigation into the practice.
Global Investor/ISF recently looked at the issues in transition management and how the major participants were adapting to demands for more transparency.