J.P. Morgan Worldwide Securities Services has been appointed by private investment firm Cerberus Capital Management to provide fund administration and related securities services for its investment funds with aggregate assets of over $23 billion.
In addition to adopting J.P. Morgans fund administration platform, some back-office staff of Cerberus will become employees of J.P. Morgan to support the system.
“The transition of the services to a world class third-party administrator provides our firm strong infrastructure support and the independence preferred by our investors,” says Jeffrey Lomasky, senior managing director and CFO of Cerberus. “We are confident that J.P. Morgan has the capabilities to provide our firm and our investors with the independent, third-party administrative systems, infrastructure and support that are required in today’s investment management environment.”
Robert Caporale, head of new business development for the Americas at J.P. Morgan Worldwide Securities Services, adds: “We are excited about establishing this relationship with an industry leader such as Cerberus. We have made significant investments in our broad capabilities for servicing all aspects of alternative investments, including middle office and fund administration.”
(CG)