JP Morgan’s Worldwide Securities Services (WSS) business plans to expand its Direct Custody and Clearing (DCC) business in Brazil and Russia, two key markets for JP Morgan’s sub-custody business.
JP Morgan already offers DCC in Russia but plans to increase its footprint in the market. As part of this growth, Katerina Sizova has joined JP Morgan as head of the business in Russia, and will be responsible for building product capabilities, executing on the firm’s growth strategy and enhancing the client experience. Sizova most recently was Global Head of Operations at the Renaissance Group, where she worked for 13 years.
Separately, JP Morgan also announced it has in-sourced its Global Custody business in Brazil, as part of its expansion. JP Morgan, recognising market opportunities, leveraged its expertise in Brazil and is now extending its services locally to better support its clients.
Rowena Romulo, Global Head of Direct Custody & Clearing for JP Morgan’s WSS business, says: “The latest expansion is an extension of our previously announced plans to grow DCC in markets where it makes sense for us and our clients. Operating locally gives our clients an integrated solution across a range of markets supported by our leading client service, a unified technology platform and local market expertise.”
JP Morgan offers DCC in Australia, India, Ireland, New Zealand, Taiwan, Russia, UK and US with on the ground coverage and expertise for clearing, settlement, custody and asset servicing. JP Morgan already offers custody and clearance services to institutional investors in over 100 markets, and has a strong track record in successfully delivering securities services solutions for global and emerging markets by choosing the best model for each market.
Nick Rudenstine (pictured), Global Head of Investor Services, part of JP Morgan WSS, says: “Extending our DCC offering in Russia and Brazil is an important element of JP Morgan’s plans and priorities for international growth. JP Morgan offers global custody and clearing solutions in the countries in which we are looking to expand.”
JP Morgan plans to prioritise markets, looking first at those that most closely align with the Firm’s goals for expansion, as well as client and market requirements. In keeping with this approach, JP Morgan plans to tailor the model in each of its new local markets, and will continue to work with its existing sub-custodian agents to find solutions.
JP Morgan was the first foreign bank to open a representative office in Moscow in 1973 and was the first global custodian to offer Russian market entry to its clients in 1995. JP Morgan currently has 160 employees in Moscow. With a presence in Brazil for more than 50 years, JP Morgan offers services across the Investment Bank, Global Corporate Bank, Asset Management, Private Banking and Treasury & Securities Services.
