NEW YORK, Nov. 16, 2021 /PRNewswire/ -- J.P. Morgan
Asset Management (JPMAM) announced that it has selected J.P.
Morgan's Securities Services division, part of the Corporate &
Investment Bank, as the provider to support a new global operations
model using its Investment Middle Office Services capabilities. The
outsourcing of these services will enable JPMAM to drive value for
its clients through investment expertise, insights and performance
results while leveraging the expertise and scalability of other
parts of the firm. It will also ensure that JPMAM can leverage a
service oriented, scalable, end-to-end operating platform to enable
business growth.
"We reviewed a number of alternative strategic operating models
and after extensive due diligence selected J.P. Morgan," said
Fred Crosnier, Global Head of
Operations, J.P. Morgan Asset Management. "A new globally
consistent Investment Book of Record facilitates our investment
decision making process and enables us to seamlessly add new
product capabilities."
JPMAM is commencing a multi-year initiative to implement this
model, which includes the provision of middle office services,
collateral management and risk analytics. The diverse nature of the
JPMAM business across different market sectors, investment
products, asset classes, vehicles and jurisdictions requires a
service provider with extensive scale and capabilities to meet
those needs. These new services add to the custody and
accounting services that J.P. Morgan already provides to JPMAM.
Scott Bevier, Global Head of
Investment Operations Services, J.P. Morgan, says, "Clients are
requiring ever-increasing support from their middle office
provider, to both enable their expansion into more sophisticated
investment strategies as well as deliver continuous operational
scale and efficiency. As a leading custodian service provider
affiliated with the number one markets franchise, we are uniquely
positioned to provide solutions to enable our buy-side clients to
leverage the full breadth and depth of our expertise, systems, and
global scale & connectivity. We're excited to expand our
long-standing partnership with JPMAM by delivering these
next-generation capabilities."
The first phase is planned for mid-2022, when J.P. Morgan will
provide operational processing support for a range of derivatives
products. This change will enable JPMAM to efficiently
implement the use of new and different products, thereby expanding
its derivatives capabilities. Subsequent phases will commence
in 2023, and will involve migration of the operational servicing of
other asset classes.
"Working with a leading provider like Securities Services, who
can deliver the scale and capabilities to support our investment
activity from end-to-end, allows us to focus our resources on
investing for our clients" said Andrew
Powell, Chief Administrative Officer and Global Head of
Client Service, J.P. Morgan Asset Management. "Continued
downward pressure on fees and expenses means that asset managers
need to deliver an exceptional investment experience while also
creating efficiencies and economies of scale in middle or back
office services."
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of
$2.6 trillion (as of 6/30/2021), is a
global leader in investment management. J.P. Morgan Asset
Management's clients include institutions, retail investors and
high net worth individuals in every major market throughout the
world. J.P. Morgan Asset Management offers global investment
management in equities, fixed income, real estate, hedge funds,
private equity and liquidity. For more information:
www.jpmorganassetmanagement.com.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $3.7
trillion and operations worldwide. The Firm is a leader in
investment banking, financial services for consumers and small
businesses, commercial banking, financial transaction processing,
and asset management. A component of the Dow Jones Industrial
Average,
JPMorgan Chase & Co. serves millions of customers in
the United States and many of the
world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at
www.jpmorganchase.com. J.P. Morgan Asset Management is the
marketing name for the asset management businesses of JPMorgan
Chase & Co. and its affiliates worldwide.
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SOURCE JPMorgan Chase