JPMorgan Bank Luxembourg S.A. is the top custodian and fund administrator in Luxembourg, according to the latest figures from Fitzrovia, the independent data firm.
As of 31 December 2007, JPMorgan’s Luxembourg assets under administration were $351 billion and assets under custody were $439 billion. JPMorgan has been the largest custodian in the region according to the survey for the past eight years.
“Driven by an increase in global demand as well as one of the highest standards of service quality in the region, our Luxembourg business experienced another year of strong growth. Our commitment to the market and successful partnerships with many of the world’s leading fund managers has enabled us to continually lead the Fitzrovia survey,” says Susan Ebenston, head of Global Funds Services products, JPMorgan Investor Services.
“The Luxembourg marketplace and our clients have led the way with more complex products: hedge funds, 130/30 funds, SIF, and tax transparent funds. We are continuously upgrading our service offering to support the growth and innovation of our clients,” adds Sanjiv Sawhney, managing director, JPMorgan Bank Luxembourg.
JPMorgan has been in Luxembourg for 35 years, and has grown significantly following the implementation of Undertakings for the Collective Investment of Transferable Securities(UCITS). The Investor Services business employs over 500 staff from 25 different nationalities. Along with more than 300 people who are part of JPMorgan Asset Management, it makes Luxembourg the largest JPMorgan location in continental Europe.