reports that as part of a review of the optimal way to deliver securities portfolio accounting services to its institutional, private client, and mutual fund clients, The Bank of New York
has been appointed to provide these services, including recordkeeping and market valuation, for Morgan's asset management business.
The company states that "with world markets becoming more connected and trade-processing times continuing to decrease, a single, integrated, state-of-the-art platform is critical to delivering the most efficient and highest quality service to clients." A company spokeperson added that in order to concentrate on what it does best, investment management, and after substantial due diligence on the costs and benefits involved, outsourcing of the services was the best decision.
"We have enjoyed a long-standing relationship with The Bank of New York and believe that its technology, vision, and capabilities are an excellent match with our business objectives," said John Schmidlin
, head of technology and operations for Morgan's asset management business. "As an investment management firm, our focus is on providing clients with the best possible service and generating the strongest possible returns. Our relationship with The Bank of New York will enable us to do what we do best while fully supported by state-of-the-art technology."
Thomas J. Perna
, senior executive vice president, The Bank of New York, commented, "We are pleased that J.P. Morgan, our valued client, has shown continued confidence in our ability to provide the information-based solutions that allow it to focus on its core businesses. This appointment underscores our capability and commitment to deliver services that provide integrated solutions to the investment and fund management community."
Stay ahead of the news ... Sign up for our email alerts now