Timor-Leste appoints JPMorgan for oil fund custody
The Banking & Payments Authority, a sovereign wealth fund for the oil reserves of the new nation of Timor-Leste, makes its first investment steps abroad.
The Banking & Payments Authority (BPA) of Timor-Leste has appointed JPMorgan to serve as its global custodian and administrator, as well as to support the development of its staff.This is the first deal of its type from East Timor and presages an eventual outsourcing of assets to third-party managers. ôThis is all new to them,ö says David Edwards, head of sales for worldwide securities services at JPMorgan in Sydney.The BPA was founded in 2005 initially to look after the new count…
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