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Fourth Quarter 2007

Our commitment to understanding the needs of our clients is a central theme in this issue. Throughout this issue you will find articles ranging from the evolution of standards to the evolution of tools that provide clients with information they need to manage their business. That is why we also include perspectives from Boston-based MFS Investment Management, focusing on the role of total portfolio valuation.

Heidi Miller
Chief Executive Officer for JPMorgan Treasury & Securities Services

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	Q&A with Jamie Dimon Excerpts of Jamie Dimon interview from cover story by Richard Schwartz in Dialogue, Q3 2007.
	Recent Acquisition of IIS Extends JPMorgan's Fund Services Offering JPMorgan’s recent acquisition of Cincinnati-based Integrated Investment Services (IIS) provides a full-service, single-provider option for asset managers seeking to outsource their fund services business.
	Boston: The Hub for Hedge Funds Exchange-Traded Funds See Explosive Growth Exchange-traded fund (ETF) assets under management now total more than $433 billion in the United States alone, reflecting strong growth of 33% per year since the launch of the S&P SPDR in 1993.
	Boston: The Hub for Hedge Funds Managed Account Solutions Offers A Fully Integrated, Full-Scale Solution For Asset Managers JPMorgan’s multifaceted outsourced solution for separately managed accounts offers asset managers a flexible, efficient and best-execution platform of capabilities, thanks to an especially lucrative internal partnership.
	Addressing Today's Complex Challenges: Keeping Close to Clients and Continuing to Drive Innovation Conrad Kozak raises and addresses some of the following questions regarding the increased complexity within the industry. Through these questions he highlights the subsequent challenges and opportunities that this industry evolution brings.
	Q&A with Sandie O'Connor Read what Sandie O'Connor, Global head of Securities Lending and Execution Products, has to say about securities lending challenges, the benefits JPMorgan Securities Lending brings to clients, and how JPMorgan differentiates itself as a transition manager when institutional investors undergo restructuring of their investment portfolios.
	E Pluribus Unum in European Investment Fund Settlement The post-trade processing and settlement infrastructure of the European investment funds marketplace is even more fragmented than the securities market equivalent, and it is getting more complicated rather than less. But there is a way to bypass the complexity.
	JPMorgan ACCESS^SM Launches New Dashboard and Inquiry Manager JPMorgan ACCESS is introducing new tools to enhance the online client experience and integrate Treasury and Securities Services’ products.
	Securities Lending as an Asset Management Technique Securities lending was invented and used by traders and post-trade operations, where it was equally useful in averting trade failure as covering short positions. Today it is an asset management discipline, which is expected to make a full contribution to the search for alpha, within agreed risk parameters. Like any fund management business, it is also the province of the specialist expert.
	Cost and Risk in Clearing and Settlement Ed Corral, Clearance and Settlement Business Executive, answers questions on the appropriate roles of risk takers and risk mitigators in the clearing and settlement process and where potential risks lie.
	Agent Bank Clearance Options Easing Global Settlement Constraints International firms seeking investments in the United States now have new options. JPMorgan has integrated its U.S. and international clearance capabilities, setting a higher standard for efficient processing.
	The Changing Role of the Third-Party Collateral Manager Collateralized financing has evolved from a capital markets financing tool into a trading instrument, balance sheet management technique and money market investment class that generates considerable value for both sides of the market. Likewise, thirdparty collateral management has evolved to provide a range of sophisticated services and technologies essential to the realization of that value.
	Yield, Liquidity, Risk: Which Is Your Top Priority? When formulating a cash investment strategy that fits your specific needs, is yield more important than liquidity? When focusing on risk, what’s the trade-off on return? Is ready access to assets the primary objective? In light of a new regulatory landscape and market demands, many financial institutions (FIs) are examining the relative importance of yield, risk and liquidity to their organizations.
	JPMorgan Celebrates 80 Years of ADRs In 1927, JPMorgan created the first-ever ADR, which allowed U.S. investors to easily purchase shares in British retailer Selfridges. Since then, JPMorgan has remained a leader in providing innovative depositary receipt (DR) services to international companies wishing to access capital markets in the United States and abroad.
	Client Viewpoint: Time for TPV (Total Portfolio Valuation) to Drive STP Dayle Scher, Vice President of Global Investment Support at MFS Investment Management has been setting the standard on Total Portfolio Valuation [TPV] and its broad-reaching effects on the industry. Five reasons why you need TPV.
	Prime Brokerage: Not Just for Equities and Fixed Income Anymore Supporting derivative products is a growing trend in prime brokerage. As the hedge fund community continues to expand and its strategies have diversified to include derivatives, prime brokers have added OTC products to their product scope to allow clients to continue to streamline their operations.

Thought Magazine

Fourth Quarter 2007