has acquired the majority stake -- previously held by Investia
-- in FundsHub. FundsHub provides outsourced technology and operations solutions for the fund distribution industry.
Management and employees at FundsHub are also taking an increased stake in the business. They believe between their infusion of capital as well as JPMorgan's that the company can be brought to profitability. The purchase price for JPMorgan was not disclosed.
FundHub's clients include Charcol Online, Gothaer, and Old Mutual.
"This additional commitment to FundsHub is evidence of our continuing belief in the increasingly important role that funds supermarkets will play in Europe as open architecture becomes the norm," stated Mark Tennant
, senior vice president at JPMorgan Investor Services. "Estimates from leading industry research companies suggest that funds supermarkets will be a very important method of fund distribution. One such survey, suggests that as much as 25% of net European inflow to funds will be via funds supermarkets by 2004."
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