JPMorgan Investor Services announced today that it had been selected, after a competitive bid process, by OppenheimerFunds, Inc. as a service provider for their mutual fund assets. The bank will provide a wide range of services to over $35 billion in OppenheimerFund assets.
“OppenheimerFunds has always had a great relationship with JPMorgan on the retail side of the house,” says Brian Wixted, Treasurer, OppenheimerFunds. “JPMorgan offers a diverse and robust wholesale platform that is essential to our business needs.”
“We are excited about the opportunity to extend our long-standing relationship with a proven leader like OppenheimerFunds,” says Tom Swayne, business executive, JPMorgan Investor Services. “This new mandate solidifies JPMorgan’s position as a service provider to 8 of the top 10 mutual fund companies. JPMorgan was awarded the business because of our strong product capabilities and our ability to leverage the entire JPMorgan franchise of services.”
“The OppenheimerFunds win resulted from the convergence of multiple efforts,” adds Chris Lynch, senior vice president of sales for JPMorgan Investor Services. “We were able to support all of their business needs by presenting a cohesive package of innovative products and services.”