JP Morgan Investor Services
launched the entire range of ETF services, counting the Vanguard Group's
custody of $157 billion in assets as the first stream of business.
The account for six mutual funds was taken from State Street
, including the custodial services for Vanguard's ETF shares, known as VIPERS.
According to George Evans
, senior vice president and global business development executive, the new business is part and parcel of a new strategy to move on the global ETF marketplace: using the firm's global infrastructure to up the barriers of entry to the marketplace of high-end back office services, while partnering with the largest companies as consolidation shrinks the number of players.
"This is not a product play" said Mary C. Orr
, senior vice president and group executive for global funds services. "[We're] confident that this product will be definitional in the marketplace."
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