Modern Asset Management has appointed JPMorgan Worldwide Securities Services to provide Separately Managed Account (SMA) administration, Unified Managed Account administration and advanced execution services to its high net worth investment clients.
JPMorgan Managed Account Solutions will provide Modern Asset Management with middle and back office support and functionality for their separately managed account unified managed accounts businesses. The services include shadow accounting, reconciliation, new account set-up, performance calculation and account maintenance. JPMorgan will be providing services to Modern as an asset manager and as a sponsor.
In addition, J.P. Morgan Securities, Inc, the broker-dealer arm of JPMorgan, will provide Modern with electronic execution.
Modern Asset Management provides customized investment portfolios to individuals and families with liquidity in excess of $10 million, including entrepreneurs, private company owners, private equity professionals, corporate CEOs and individuals in the media, entertainment and professional sports industries.
“We chose JPMorgan Managed Account Solutions because they have a highly experienced team, efficient processes and advanced technology for handling large and complex separately managed account administration,” says Leslie E. Bains, CEO of Modern Asset Management.
“JPMorgan is excited about working with Modern Asset Management,” adds Chris Lynch, head of Western Hemisphere sales for JPMorgan Worldwide Securities Services. “Modern Asset Management is associated with Modern Bank, the first independent private bank formed in New York in 25 years, and its executive team is one of most experienced in the industry.”
The JPMorgan managed accounts outsourcing platform for fund managers provides account workflow, reconciliation and performance reporting, along with trade support and trade execution.