JPMorgan is to acquire the fund services business of Integrated Investment Services (IIS), one of Western& Southern Financial Group’s affiliates. IIS is a fund accounting, fund administration and transfer agency services business. The acquisition is expected to close in the second quarter of 2007. Terms were not disclosed.
“This transaction underscores our commitment to growing our fund services business and delivering best-in class products, services and technology to clients,” says Mark Kelley, the head of JPMorgan’s US Fund Services business. “We welcome IIS in to our firm, and look forward to delivering a full suite of services, including US transfer agency services, directly to clients of various sizes.”
“We are proud to have built our fund servicing business into the quality operation that has attracted an industry leader like JPMorgan,” adds Jill McGruder, a senior vice president at Western & Southern “This sale is a manifestation of Western & Southern’s sharpened focus on building our core businesses. The fund servicing business was outside our major areas of concentration.”