JP Morgan Completes Outsouring Transactions For Asset Managers

JP Morgan's Worldwide Securities Services (WSS) business has completed two migrations of assets from an existing middle- and back-office services provider to its own platform, on behalf of fund managers Artemis Investment Management (Artemis) and JP Morgan Asset Management.

The range of services WSS now provides these clients includes custody, fund administration, investment operations and derivatives services.

Migrating fund managers from other providers is, according to WSS, a significant industry milestone, providing the buy side with flexibility and new options for their middle- and back-office services.

Asset managers on JP Morgan's "componentized" platform, designed to support a range of fund types including alternative investments, can choose the functions they want the bank to provide and those they wish to retain, and receive consistent data across all of their funds.

JP Morgan Asset Management, the investment arm of JP Morgan Chase, moved its assets from BNY Mellon to JP Morgan Worldwide Securities Services earlier this year, while Artemis, which had previously used BNP Paribas Securities Services and HSBC Securities Services as its service providers, moved to JP Morgan's platform simultaneously, and completed the migration within 12 months.

"Providing middle- and back-office services to these two fund managers on our existing platform enables more efficient processing," says Susan Ebenston, global fund services executive at JP Morgan Worldwide Securities Services. "It ensures our clients benefit from the ongoing investment we make in our technology and can focus on their core business of investment management with minimal disruption, better serving their own clients."