JPMorgan has secured contracts with three new custody clients, representing a combined $680 million in assets. According to JPMorgan, the firm’s Commercial Bank helped win the deals, which resulted from a new campaign to expand relationships with mid-sized companies.
The three new clients are: American Bureau of Shipping of Houston ($440 million in assets); Burke Rehabilitation Hospital of Mamoroneck, N.Y. ($40 million in assets); and Cognex Corporation of Natick, MA ($200 million in assets).
JPMorgan Worldwide Securities Services is looking to significantly increase the number of clients in the Middle Market, which have up to $1 billion in assets. The business unit has created a dedicated team to provide custody services for not-for-profit institutions and mid-sized companies. It has also launched a new campaign with the firm’s Commercial Bank to expand business with existing clients.
“JPMorgan is well positioned to provide all the operating services a mid-sized company or not-for-profit institution needs to efficiently manage and grow their investment portfolios,” said Conrad Kozak, head of the Securities Company of JPMorgan Worldwide Securities Services. “We feel that there are many companies and institutions that might want to take advantage of the same services used by larger players in the industry.”
“This partnership is ideal for our customers and our company,” said Todd Maclin, head of JPMorgan Chase’s Commercial Bank. “Mid-sized companies are now being offered the widest range of services ever including banking, investment management and securities services, from one of the largest and most experienced client service networks.”
The new JPMorgan Worldwide Securities Services Middle Market team also builds on a long and active partnership with JPMorgan Chase Treasury Services, which offers payment, collection, liquidity and investment management, trade finance, commercial card and information solutions.