J.P. Morgan’s Investor Services business announced that two leading Norwegian institutional investors have transitioned their global custody business to J.P. Morgan, representing an important milestone in the ongoing process of client transfers following J.P. Morgan’s acquisition of Nordea’s institutional global custody business earlier this year.
New York, November 12, 2008 – J.P. Morgan announced that its Depositary Receipts (DR) Group will offer selected U.S.-registered Exchange Traded Funds (ETFs) on the international segment of the Mexican Stock Exchange, Bolsa Mexicana de Valores (BMV). Through this latest edition to its DR product suite, J.P. Morgan will enable all eligible Mexican stock exchange market participants to achieve the U.S. and global exposure that ETFs can provide, as well as benefit from the convenience of a peso-denominated security.
J.P. Morgan announced it has been retained by Centrais Elétricas Brasileiras S.A. (Eletrobrás), the largest electric utilities company in Latin America, to be the depositary bank for the company’s American Depositary Receipt (ADR) program listing on the New York Stock Exchange (NYSE).
J.P. Morgan announced it has been appointed depositary bank for the American Depositary Receipt (ADR) program for Ecopetrol S.A. J.P. Morgan will manage all aspects of the ADR program in the U.S. for Ecopetrol, the largest company in Colombia. Ecopetrol’s ADR is the first NYSE-listed program by a Colombian company in more than a decade.
J.P. Morgan announced that its GlobeClearsm business will now offer third party clearing for Warsaw Stock Exchange (WSE) members who wish to trade Polish securities. J.P. Morgan will be providing clearing and settlement capabilities to clients who want to transact in equities and fixed income products on the WSE. This latest offering marks the 23rd exchange supported directly by J.P. Morgan GlobeClearsm.
With the launch of this new European hub, J.P. Morgan is well positioned as a full service administrator for private equity firms and institutional limited partners in Europe. It is one of the only private equity administrators in the U.K. and the Channel Islands that can offer a range of banking services, including cash management and foreign exchange, as well as tax support services to its administration clients.
JPMorgan today announced an agreement with Shell Asset Management Company (SAMCo), the asset management arm of Royal Dutch Shell, enabling a global provision to service Shell corporate pension and insurance plans with total assets in excess of $70 billion. With this relationship, JPMorgan launches a range of sophisticated services for SAMCo and participating Shell pension funds, including fund accounting, fund administration and certain securities lending services all from segregated and/or pooled accounts that will prove to be a new market milestone.
William Kirst, head of J.P. Morgan’s Latin America Depositary Receipts (DR) business, said: “J.P. Morgan is proud to serve as the depositary bank for the Telmex Internacional ADR programs, as well as for the Telmex ADR programs. Thanks to clients like Telmex and Telmex Internacional, J.P. Morgan is the leading provider of DR services in Latin America with 49% of the marketplace and administers more Latin American DRs than any other bank.”
Accident Compensation Corporation of New Zealand confirmed that J.P. Morgan Investor Services was appointed as it offered the most comprehensive solution set available for ACC’s Australian Custody requirements. J.P. Morgan will provide a number of efficiencies to ACC operations, including real time reporting services via JPMorgan Access, a proprietary online custody and investment administration reporting tool.
In the first agreement of its type in East Timor, as well as providing traditional custodial services, J.P. Morgan will enable BPA officials to undertake capacity building in financial markets. J.P. Morgan will also provide mandate compliance monitoring and fund performance services to enable BPA to monitor their investment portfolio and evaluate their external fund managers.
J.P. Morgan, which currently services more than $70 billion in derivatives collateral, is offering the new automated reconciliation technology globally, representing the latest enhancement to its Derivatives Collateral Management (DCM) solution. This technology, which is designed to work in conjunction with TriOptima’s triResolve automated position reconciliation service, increases the efficiency and risk management of trading records.
J.P. Morgan Investor Services said it will lease approximately 100,000 square feet at 451 D Street in South Boston, will retain its offices at 1 Beacon Street and expects to hire more than 300 employees for its global funds services business over the next five years. The business provides accounting and administrative services for institutional investors globally.
J.P. Morgan’s new DR specialists in Argentina, Brazil and Singapore will provide a full range of services to companies that want to have their equity traded on exchanges beyond their home markets. The team includes three vice presidents: Bettina Garcia, who will head the local DR sales office in Buenos Aires and is also responsible for DR sales in Chile and Peru, Marcos Yokota, who will head local DR sales in Sao Paulo, and Sharon Tang, who will head the DR sales office in Singapore.
The new criteria cover some 50 categories, including adult entertainment, gambling, tobacco, weapons, country ties, board diversity, corporate governance, climate change and faith values. The service can be applied to clients’ custody or accounting records, with online reporting available through J.P. Morgan’s existing Web-based Compliance Reporting application.
JPMorgan Private Equity Fund Services (PEFS) developed DealVault to provide CFOs, deal and investor relations professionals with an advanced platform to centralize volumes of deal tracking information. DealVault integrates with accounting and back office systems, providing private equity investment professionals with one platform to administer every aspect of a private equity investment’s lifecycle.
J.P. Morgan Securities Company (SC) will be providing custody and asset administration services to Cavali for its portfolio of global securities. J.P. Morgan also provides services to several other central depositories, central banks, commercial banks, government institutions and corporations in the Latin America region.
JPMorgan Private Equity Fund Services (PEFS) will provide LPFA with a set of comprehensive services to give greater insight on the performance, concentration and risk across the alternative investment portion of their assets. The services include cash management, cash flow tracking, performance measurement and analytics. There is also a sophisticated board-quality reporting capability.
JPMorgan today announced it has been mandated by Devon County Council Pension Fund to provide global custody and related services for its £2.2 billion Fund. The mandate comes following a formal review by Devon County Council to consolidate all of its assets with one global custodian.
JPMorgan PEFS will manage and support various processes for AustralianSuper, including alternative investment performance and investor tracking, while also assisting with the streamlining of AustralianSuper’s private equity instructions process. JPMorgan’s technology is the result of 10 years of private equity fund administration experience.
Bhagesh Malde, head of JPMorgan Hedge Fund Services in Europe and Asia said: “Luxembourg is an important market for our existing and future hedge fund and fund of hedge fund clients, and opening a full service office there is an important part of our expansion strategy into additional domiciles to be closer to our clients and service them on the ground. As the Luxembourg market grows, we intend to grow with it.”
John Lewin, CEO of URALSIB Securities, said: “This gives our clients direct access to the Paris Bourse, Brussels Bourse, Amsterdam Stock Exchange and Lisbon Stock Exchange and underlines our strategy to be responsive to the demands of our clients with innovative solutions. JPMorgan is an ideal partner to help us provide the best possible service to our clients."
JPMorgan today announced that Chunghwa Telecom Co., Ltd. (“Chunghwa Telecom”) has switched the management of its American Depositary Receipts (“ADR”) program to JPMorgan effective 21 November 2007. Chunghwa Telecom’s ADRs are listed for trading on the New York Stock Exchange (“NYSE”), whilst its ordinary shares are listed for trading on the Taiwan Stock Exchange.
JPMorgan Worldwide Securities Services today announced it has been named successor depositary bank for the American Depositary Receipt (ADR) program of Sanofi-aventis, one of the world’s leading pharmaceutical companies. Sanofi-aventis’ ADR program is the largest in France and is among the top 10 ADR programs in Western Europe, as measured by number of ADRs outstanding.
JPMorgan Private Equity Fund Services (PEFS) will provide the State with a set of comprehensive services to give greater insight on the performance, concentration and risk across the alternative investment portion of the assets. The services include investment accounting, cash flow tracking and forecasting, reporting and analytics, as well as the ability to easily generate board-quality reports.
JPMorgan TSS announced the capstone of its strategic foothold in the wholesale banking market with the appointment of Jane Perry as Head of Worldwide Securities Services (WSS), Australia & New Zealand. Formerly COO of AXA Australia and New Zealand, she joins alongside Tony O’Neill who was recently appointed Head of Treasury Services (TS) Australia & New Zealand. Collectively, the two have over 40 years of business management experience in leadership roles across a broad range of functions.
JPMorgan today announced that it is acting as depositary bank for Financial Technologies (India) Limited (“Financial Technologies”). JPMorgan provides a full complement of ADR and GDR services to issuers seeking to have their equity traded on exchanges beyond their home markets. JPMorgan's primary services include DR Issuances and Cancellations, Stock Transfer, Tender and Exchange Offer and Subscription Rights Agency services, and Tax Reclamation services for investors.
J.P. Morgan Managed Account Solutions will provide John Hancock Private Client Group (JH PCG) with a variety of services to automate back office functions for their 5,000 separately managed accounts (SMAs). The J.P. Morgan services will include: shadow accounting, account reconciliation, account maintenance, performance calculation and trading. These services allow asset managers to reduce risk, streamline processes and improve services to their customers.
JPMorgan Private Equity Fund Services (PEFS) was top-rated overall for firms that provide administrative services to private equity firms. JPMorgan also secured the highest rankings from clients in North America and from clients of varying sizes from less than $100 million in committed capital to more than $10 billion, according to Global Custodian magazine, which conducted the survey.
JPMorgan CustodyConnect enables financial institutions to continue offering custody and related services to their clients while reducing their proprietary investment in infrastructure, such as core custody platforms, global sub-custodian networks and applications.
JPMorgan has made a multi-million dollar investment in its US Agent Bank Clearing product, to expand its core clearance and custody systems to improve settlement of securities processes through the Depository Trust & Clearing Corporation (DTCC).
The JPMorgan grant will fund 16 concerts in the BYSO’s 50th anniversary season, which begins Sunday, October 7th at Boston’s Symphony Hall. The donation will also support the BYSO’s community outreach program, making 250 tickets available to local community youth groups that may not otherwise have the opportunity to attend orchestral concerts.
J.P. Morgan Worldwide Securities Services is the primary custodian and securities lending agent for American Century, but under the new arrangement, J.P. Morgan will be the sole provider for those services and will also provide fund accounting, financial reporting and tax services, pending contract finalization. The new services will be provided by J.P. Morgan’s Boston-based Fund Services unit, which is part of the firm's global integrated fund accounting platform with locations in the U.S., Europe and Asia.
J.P. Morgan Worldwide Securities Services will provide a wide range of custody and securities services including: global custody, fund accounting, compliance measurement, securities lending, foreign exchange and performance measurement. The Board will have a dedicated client service team with on-site client service in Olympia, WA.
JPMorgan Hedge Fund Services will provide fund accounting, financial reporting, transfer agency, partnership allocations and custody services to over $10bn of assets in portfolios managed by FRM.
J.P. Morgan Worldwide Securities Services provides the DSG Retirement and Employee Security Scheme with global custody and passive currency overlay services, and provides global custody for the George Wimpey pension plan.
Almacenes Exito (EXITO.BO), Colombia’s largest retailer, raised $392 million from the offering which, issued under Rule 144A and Regulation S of the U.S. securities law, allows investments to qualified institutional investors only. Exito’s stores sell consumer products, fresh products, apparel, home products and entertainment items.
WuXi PharmaTech is a leading China-based pharmaceutical and biotechnology research and development ("R&D") outsourcing company. It provides a broad and integrated portfolio of high quality chemistry, biology and manufacturing services in the drug discovery and development process to pharmaceutical and biotechnology companies.
J.P. Morgan has redesigned its Investment Analytics & Consulting technology and services, so it can offer detailed security-level, multi-currency performance measurement and analytics to insurance companies, asset managers and pension and endowment fund executives using third-party data.
J.P. Morgan Worldwide Securities Services today announced it has been appointed custodian for the ICI Specialty Chemicals Pension Fund. J.P. Morgan already provides custody services for the ICI Pension Fund, which provides pensions for ICI employees who work for a different part of the company.
J.P. Morgan Worldwide Securities Services became a leader in the custody industry by serving some of the world’s largest corporations, mutual funds, pension funds and insurance companies. Now, it is looking to significantly increase the number of clients in the Middle Market, which have up to $1 billion in assets. The business unit has created a dedicated team to provide custody services for not-for-profit institutions and mid-sized companies. It has also launched a new campaign with the firm’s Commercial Bank to expand business with existing clients.
The business, which earlier this year celebrated its 20th anniversary, acts in a fiduciary capacity for European collective investment schemes and is a top provider of services in Dublin, Frankfurt, Jersey, Luxembourg and the UK. T&F services have recently been expanded to include Belgium, China and Taiwan.
More than half of CommanD's existing client base includes large multi-national financial institutions, broker-dealers and asset managers including the World Bank, Resolution Asset Management, Standard Life Investments and JPMorgan Asset Management (UK), among others
Each Yingli Green Energy ADR represents one common share. A total of 29,000,000 American Depositary Shares were sold in the offering at a price of US$11 per ADR, resulting in a total offering size of US$319 million.
JPMorgan today announced that it has successfully re-opened American Depositary Receipt ("ADR") issuances and cancellations for Turkcell Iletisim Hizmetleri A.S. ("Turkcell"), effective 17 May 2007. Turkcell is the leading mobile communications provider in Turkey.
According to Fitzrovia, the independent data firm, JPMorgan Bank Luxembourg S.A. is the first 3rd party Luxembourg fund administrator to have $300 billion of assets under administration and is the largest custodian and fund administrator in Luxembourg.
Huw Jones joins as head of JPMorgan Private Equity Fund Services’ London office to expand the business throughout Europe and the Middle East, offering fund administration and portfolio administration to European and Middle Eastern private equity firms and to limited partners (investors).
Linktone is a leading provider of wireless interactive entertainment products and services in China. The company provides a diverse portfolio of services to wireless consumers, with a particular focus on media, entertainment and communications.
JPMorgan created and launched the first–ever ADR on April 29, 1927 for the U.K.’s Selfridges Provincial Stores Limited (now known as Selfridges PLC), the famous British retailer. The first ADR was listed on the New York Curb Exchange, the precursor to the American Stock Exchange.
The fund was valued at €18.8 billion at the end of 2006. The National Treasury Management Agency projects the value of the NPRF's property and private equity portfolios will be at least €2 billion each by 2009.
The new tools Manager Consistency Analysis and Marginal Risk Analysis are the latest from JPMorgan, and are designed to help asset managers and pension and endowment fund executives achieve greater risk-adjusted returns for investment portfolios.
JPMorgan will act as depositary bank for the Uttam Galva Steels Limited (“Uttam Galva”) Global Depositary Receipt (“GDR“) program. This is the first ever GDR listing on the Singapore Exchange Securities Trading Limited (“SGX”), established in conjunction with the company’s US$20 million Regulation S offering.
JPMorgan will provide fund accounting, fund administration, transfer agency and custody services for the new ETF that replicates the NYSE Arca Tech 100 Index, which represents 100 companies in the technology field and related industries. The ETF is expected to begin trading on the NYSE Arca, L.L.C. under the symbol (NXT) on March 26, 2007. Shares are expected to be available in the secondary market on March 28, 2007.
The new program means JPEX will establish formal alliances to provide services for Like-Kind Exchanges (LKEs), which are allowed under Section 1031 of the Internal Revenue Code, and allow taxpayers to defer capital gains on the exchange of business/investment property.
Knight began a review at the end of last year of its requirements for the clearing, settlement and related services of its on- and off-exchange trading activity. After the review, Knight reappointed JPMorgan GlobeClear, which has provided over the counter (OTC) and on-exchange securities clearing for Knight since 2004.
Under the agreement, JPMorgan will provide custody, accounting, monthly performance measurement, cash products and foreign exchange services, passive currency overlay, and commission recapture for the £13.9 billion* foundation.
Separately, JPMorgan Transition Management recently completed an asset restructure for the Southwark Pension Fund. The transition saw the restructure of £520m of equity assets divided among three fund managers.
JPMorgan Worldwide Securities Services will supply a full range of services including fund accounting, fund administration and custody services. The fund accounting, fund administration and regulatory services will be provided by JPMorgan’s U.S. Fund Services unit, which is based in Boston.
Shares of the first yen–based exchange traded fund (ETF) will begin trading today on the New York Stock Exchange. CurrencyShares Japanese Yen Trust (NYSE: FXY) tracks the daily price movement of its underlying currency, with shares of the trust representing approximately 10,000 yen.