J.P. Morgan Worldwide Securities Services has bought the custody arm of Australasian bank ANZ, in a move that will see the firm gain access to more than 100 clients and AUD99 billion in assets under custody.

The acquisition will see J.P. Morgan have a presence in Melbourne and Wellington, adding to its existing office in Sydney.

Laurence Bailey, CEO of J.P. Morgan Worldwide Securities Services Asia Pacific, commented: “The Australian and New Zealand market is one of the global hubs for custody in terms of size and sophistication.

“A greater footprint in this region allows us to further connect with the very astute and innovative Australian and New Zealand financial services sector, and share our global insights and knowledge with the fourth largest managed funds market in the world.”

The financial terms of the deal were not disclosed but it was revealed that ANZ would hold on to its securities lending operations.

The deal comes in the same week that J.P. Morgan announced its intention to buy its joint venture with Cazenove Group, J.P. Morgan Cazenove.