J.P. Morgan Bank Luxembourg S.A. has been named the largest custodian and fund administrator in the country, according to Lippers 17th Annual Luxembourg Fund Encyclopaedia.
As of Dec. 31, 2010, J.P. Morgans Luxembourg assets under custody stood at $533 billion and assets under administration were $405 billion. Luxembourg-domiciled assets totaled $2,955.2 billion for the same period. The survey has listed J.P. Morgan, which has an 18% share of the Luxembourg market, as the largest custodian in the country for the previous 11 years. The survey also revealed that J.P. Morgan holds nearly 50% more assets under custody than the second placed firm.
J.P. Morgans retention of the top position as custodian and administrator in Luxembourg is a strong endorsement by our clients of the performance of our offshore business, says Laurent Vanderweyen, managing director of J.P. Morgan Bank Luxembourg S.A. Surpassing $500 billion in assets under custody in Luxembourg is a significant milestone which we intend to build on via our global model and strength of product offering.
(CG)