(Australia) – JP Morgan will pay an undisclosed sum to acquire the corporate trustee operations of British insurer Royal and SunAlliance in Australia.The acquisition of Guardian Trust Australia Ltd (GTAL) gives JP Morgan an extra A$20 billion in funds under supervision, 80 percent of which is concentrated in securitisation.
The acquisition gives JP Morgan a one-fifth share of the securitisation market, which is dominated by local player Perpetual Trustees.
According to Standard and Poors, GTAL reported a profit of A$951,834 for the year to October 2001, with a return on equity of 19 percent.