JPMorgan Investor Services announced today that it was appointed global custodian to E.ON Energie AG, part of the Munich-based E.ON AG gas, water and electricity utility. JPMorgan will be responsible for global custody, securities lending, as well as mutual fund accounting and reporting duties for all investment categories.
“This mandate is a strong endorsement of the strategy which JPMorgan Investor Services has embarked on in Europe,” says Arnulf Manhold, the former Deutsche Borse Clearing CEO who now heads up JPMorgan Investor Services in Frankfurt. “This award of business reflects our ability to offer a consistent level of product and service in more than 80 markets – a network that contemporary custodial banks, and even international clearing systems, can’t compete with.”
“Institutional investors are increasingly entrusting their equity and bond portfolios to a global custodian in order to reduce costs and be able to review the status of their entire portfolio at any time,” added Helmut Rosner, manager of Asset Management at E.ON Energie AG. “Moreover, this step also enables institutional investors to bundle together all of their reporting tasks and still continue to work together with numerous asset managers at the same time. The bundling of many different mandates under the management of one Global Custodian provides us with a higher level of cost transparency and an easier to control reporting structure.”
Ramy Bourgi, Business Executive, JPMorgan Investor Services EMEA said: “We are delighted at the prospect of working with E.ON Energie AG, our selection for this mandate is a good example of the increasing demands made by clients for custody and administration of securities services on a global basis.” He adds, “This is one of the largest such mandates awarded in Continental Europe and this win reflects a strategic partnership in order to help our clients work through the thinking process on ways to extend our role as a service provider.”