J.P. Morgan Asset Management has won a global bond mandate from Australia’s TWUSUPER, a superannuation fund for the transport industry.
The mandate, of unspecified value, will allow TWUSUPER members to invest in JPMorgan Global Bond Fund, a newly launched high conviction fund that focuses on investment grade debt, the US asset manager says in a statement on June 22.
According to the company, the mandate helps TWUSUPER adapt to government reforms introduced last year to improve efficiency, transparency and accountability in the superannuation industry.
Andrew Creber, Australia and New Zealand chief executive officer of J.P. Morgan Asset Management, says the firm “purposely brought to market a bond fund which is well positioned to navigate this changing landscape” in response to demand from clients.
According to TWUSUPER Chief Investment Officer Edward Smith, the reforms, known as Your Future Your Super (YFYS), have changed the ways superannuation funds invest as they look for new ways to outperform in the competitive industry.
“Our changes are motivated by a plan to refresh our investment strategy and adapt to YFYS,” he says in the statement.
New York-based J.P. Morgan Asset Management had US$2.6 trillion of assets under management as of March 2022. TWUSUPER has around A$6.27 billion ($4.31 billion) of total assets and 104,100 members.