J.P. Morgan has expanded its Prime Custody service to hedge fund clients of its European Prime Brokerage business.
These clients will be able to receive prime brokerage and global custody services through a fully integrated platform. Essentially, they will be able to segregate securities using a bank custodial account, while using J.P. Morgans prime brokerage offering, which was also recently enhanced to include a European offering.
J.P. Morgans Prime Custody platform leverages the banks Worldwide Securities Services (WSS) franchise and the Prime Brokerage franchise. The platform enables the movement of securities between custody and prime brokerage accounts, consolidated reporting, a single client-facing technology portal and a client service representative supporting all products.
Devon George-Eghdami, global head of Prime Custody, said: Our Prime Custody service has been supporting US hedge fund managers for over ten years and it is this experience that is invaluable in todays market. We are focused on meeting the demands of hedge fund managers who seek a provider that offers flexible solutions, has a strong capital base and experience managing risk during volatile times.
Sandie OConnor, global head of Prime Services, the prime brokerage offering, at J.P. Morgan, said: This is the next evolution in our continued effort to expand our prime brokerage franchise in Europe. These local capabilities will allow our international clients to have integrated access to multiple J.P. Morgan services across asset classes.
(JDC)