JPMorgan Worldwide Securities Services says it has completed the transition on to its outsourcing platform of the majority of the investment operations business of Barclays Global Investors (BGI) in Europe. The transaction was announced in mid-2005. In the United States, BGI has outsourced investment operations to Boston-based Investors Bank.
JPMorgan is supplying BGI funds in the UK, Dublin, Jersey and Luxembourg with derivatives servicing and valuation, transfer agency, custody services, portfolio valuation and end-client reporting, administration and fund accounting. JP Morgan already provides securities lending and custody to BGI’s UK funds.
“BGI has been an outstanding partner throughout the implementation of this ground-breaking transaction,” says Susan Ebenston, JPMorgan Worldwide Securities Services product executive for International Funds Services. “We are delighted to have extended our relationship with a valued client like BGI. We have been able to create a truly integrated operating model which delivers real value to both parties.”
Malcolm Smith, European Chief Operating Officer at BGI, adds that BGI is good at launching new products. “By leveraging JPMorgan’s scale and technology platforms, we will be able to continue to innovate and best serve our clients,” he says.