NEW YORK--JP Morgan Investment Management, with $321 billion in assets under management, has hired the Bank of New York to provide investment accounting via a service bureau contract.
The deal is part of a strategic push by JP Morgan to ramp up adoption of a straight-through-processing environment in its buy-side operations, according to a bank official familiar with the contract who asked not to be named.
"We're after a higher level of STP," says the Morgan official. "We want to integrate the
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