JPMorgan sets up custody middle office in Australia

Global custodian JPMorgan has established a hub in Australia to service fund managers in the growing business of middle office outsourcing. JPMorgan inherited its existing Adelaide presence, including about 200 staff, when BT Asset Management outsourced its back and middle office operations to JPMorgan at the end of last year under a five-year contract. Until now, JPMorgan has been servicing BT from BT's own premises and will continue to do so until December 2002 when it will relocate…