Agreement comes after JPMorgan Hedge Fund Services acquired Paloma Partners‚ middle and back office
London, May 30, 2006 - Henderson Global Investors, the global asset manager with �67.7 billion ($126.3 billion) of assets under management, has entered into an agreement with JPMorgan Hedge Fund Services ("JPMorgan HFS") to outsource the middle and back office services for its hedge funds.
Under the agreement, JPMorgan HFS will take over Henderson's hedge fund middle and back office and its employees which service 14 hedge funds representing approximately $2 billion of assets. Henderson has signed a multi-year contract for JPMorgan HFS to provide daily operational services and fund administration for their hedge funds.
The agreement comes two months after JPMorgan HFS acquired the middle and back office operations of Paloma Partners Management Company (Paloma Partners) in Greenwich, CT, and is an expansion of JPMorgan HFS's global business. Henderson's hedge funds will be serviced by JPMorgan HFS's new London office.
Shirley Garrood, Chief Operating Officer at Henderson said, "We believe the outsourced administration market is now mature enough for us to make a step change in the way we administer these highly complex products. Our aim was to find a sustainable solution for a fast growing part of our business which allows us to build and launch new funds quickly into the market. Underpinning this is a requirement for a fully connected middle and back office daily solution, supported by strong investor servicing capabilities. The above factors, in particular, played to JPMorgan's strengths."
Bhagesh Malde, Global Business Head of JPMorgan HFS, said, "This agreement with Henderson, one of the most respected and well-known international asset managers, validates the strength and global reach of our newly expanded Hedge Fund Services business. The agreement will allow Henderson to focus on what asset managers do best - make investment decisions."
For more information on our Hedge Fund Services go to:
www.jpmorgan.com/visit/hedgefundservices.
About Henderson Global Investors
Established in 1934, Henderson Global Investors is a leading independent global asset management firm. The company provides its institutional, retail and high net-worth clients with access to skilled investment professionals representing a broad range of asset classes, including equities, fixed income, property and private capital. Headquartered in London, Henderson is one of Europe's largest investment managers, with �67.7 billion assets under management (as at December 2005) and employs around 900 people world-wide.
About JPMorgan Hedge Fund Services
JPMorgan Hedge Fund Services (HFS) provides administration and operational services that help hedge funds improve returns, lower costs and reduce risk. HFS is part of JPMorgan Worldwide Securities Services (WSS), a division of JPMorgan Chase Bank, N.A. WSS is a global industry leader in the securities processing business with $11.7 trillion in assets under custody. WSS provides innovative securities services, including custody, fund administration and accounting, securities lending and market products as well as clearance and collateral management services to the world's largest institutional investors and debt and equity issuers.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at
www.jpmorganchase.com.
