96 JPMorgan Chase, the world’s third-largest global custodian, is poised to outsource its local custody business operations in Hong Kong and Taiwan. Citigroup, HSBC, and Standard Chartered are reportedly vying for the mandate, according to sources familiar with the matter. The move is part of JPMorgan’s strategic decision to select another bank to handle local custodian operations while it continues to provide global custody services in the two North Asian markets. JPMorgan currently manages around $520 billion worth of client assets under custody as a local custodian in Hong Kong and Taiwan. The local custody business oversees transactions and manages the book for clients accessing specific markets. The global custody business, on the other hand, deals with cross-border investments and maintains extensive client relationships. Financial details of the outsourcing deal have not been disclosed. The bank aims to finalize the transition to a new custodian in Hong Kong and Taiwan by the end of the next year. In addition to these markets, JPMorgan also provides local custodian services in India within the Asia Pacific region. The decision to outsource the local custody business aligns with JPMorgan’s broader strategy, as it has recently exited lower-margin local custodian operations in various Asia Pacific markets, including Australia. The move comes as the bank focuses on optimizing its portfolio and streamlining its custodian services. You Might Be Interested In Binance.US CEO Steps Down Amid Major Layoffs And Regulatory Turmoil Sanwo-Olu Encourages Multinationals in the U.S. and Africa to Invest in Lagos Morningstar Investment Management and ADP Retirement Services Team Up to Drive Personalized Advice for Employees at Small Businesses Pfizer’s ABRYSVO Shows Promise in Phase 3 Study for RSV Prevention Irrational Signals Contribute to Stock Decline at British American Tobacco BlackRock Successfully Prices $3 Billion Debt Offering for GIP Transaction