Articles and White Papers





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Date Title Topic
May 14, 2013 Global Regulatory Mandate & Solutions 
Report from J.P. Morgan Enterprise Risk Management Forum
The J.P. Morgan Enterprise Risk Management Forum was held on April 11th in New York City. This report summarizes the key points from the two panel sessions: 1) Regulatory Risk Management - “An SEC Perspective and Industry Best Practice Suggestions.” This panel focused on helping alternatives managers understand what to expect during SEC examinations and how to properly prepare for them. 2) Risk Management, Global Compliance and Regulatory Reporting - “Challenges, Expectations and Solutions.” This panel highlighted best practices concerning Form PF filings and provided insight into the complex challenges of AIFMD filings in the European Union.
Alternatives
Mar 1, 2013 Creative Solutions to Cross-Border Pensions Challenges 
Governments and regulators around the world are preoccupied with major pensions issues – employee participation, security of assets and the adequacy of the savings pool. They are creating and implementing regulations that attempt to solve these challenges. Read more in the white paper.
Pensions
Feb 20, 2013 AIFMD and the Operational Implications for Depositaries in the Post-Madoff Era 
Regulation as a response to scandal Bernie Madoff appeared to be a very successful fund manager until December 2008, when his giant Ponzi scheme1 was uncovered. His fall led to many questions about the due care and diligence that fund managers were exercising on behalf of their investors. The combination of this scandal and the financial crisis has led to a raft of regulation globally.
Private Equity
Feb 20, 2013 Opportunities Presented by Change 
2013 sees the private equity industry continuing to embrace significant change and having to reconsider how it can operate within a more regulated landscape. Kevin Luck, Executive Director and Head of Private Equity and Real Estate Sales, Investor Services at J.P. Morgan, explains how this presents opportunities for private equity firms to reassess their business models, create greater efficiencies and deliver results that benefit both private equity investors as well as the industry.
Private Equity
Jan 23, 2013 2012 Year in Review 
The 2012 Year in Review provides an overview of DR Trading and Liquidity Trends, DR Capital Raising Trends, and Investments in DRs. This year we have also included a regional focus that highlights themes and market trends in APAC, EMEA and LATAM. The report also provides a summary of J.P. Morgan’s leadership, events and initiatives throughout 2012.
Depositary Receipts
Jan 9, 2013 Chief Compliance Officer & Fund Treasurer Summit Report 
Jan 3, 2013 Why outsource now? 
Increased regulation and market changes are causing private equity firms to evaluate the cost-benefit trade offs of outsourcing versus in-house administration.
Private Equity
Jan 1, 2013 Outlook 2013: Hybrid Fund Structures 
Stephanie Miller, J.P. Morgan’s global head of alternative investment services, predicts more fund managers adopting structures which have characteristics of both private equity and hedge funds in the year ahead.
This article first appeared in PE Manager’s 2013 Outlook Special.
Private Equity
Nov 30, 2012 Focus on OTC Trading 
As the task of managing collateral becomes more complex, Marc Russell-Jones of J.P. Morgan examines the changing face of OTC trading.
OTC Trading
Nov 20, 2012 North American and European Investor Opinions of Latin American Companies 
The findings of our depositary bank’s second annual survey of North American and European institutions that invest in Latin America.
Depostiary Receipts
Nov 12, 2012 More than Restructuring  Transition Management
Nov 12, 2012 Complexities of Emerging Markets  Transition Management
Sep 1, 2012 Maximizing fund returns with tactical operating models 
Published in the September PERE Fund Administration & Technology Compendium, this article discusses tactical operating decisions that may be key in creating a positive differential in returns for fund investors at a time when the markets are yielding only modest improvement in real estate valuation. The article also addresses practical questions for investors to consider and best practices for achieving operational excellence.
PEFs
Sep 1, 2012 Actively Managed ETFs 
Featured in Money Management Executive, this article discusses the latest trends in the ETF industry and J.P. Morgan’s capabilities in this space.
ETFs
Jul 1, 2012 Investor Opinions of Chinese Companies 
The Depositary Receipts Group of J.P. Morgan is pleased to share with you the findings of our second annual survey of institutional investors. Within this report you will discover how foreign investors view Chinese companies today.
Depositary Receipts
Jun 14, 2012 Why is 2012 a big year for pension funds?  Pensions
Jun 1, 2012 Investor Opinions of Russian Companies 
J.P. Morgan’s Depositary Receipts Group surveyed 40 North American and European institutional investors to understand their disposition toward Russian companies.
Depositary Receipts
Jun 1, 2012 Focus on Fund Administration  
Georges B. Archibald explains how shifting market, regulatory and investor landscapes have led to a re-shaping of the administrator’s role in HFMWeek.
Hedge Funds
May 30, 2012 On Waterfalls 
Cesar Estrada of J.P. Morgan and Jonathan Karen of Simpson Thacher discuss best practices for the design and implementation of waterfall provisions within a fund agreement in Private Equity International.
Private Equity Funds
May 30, 2012 Strategic Thinking for Hong Kong IPOs  Depositary Receipts
May 30, 2012 DR Advisor Insights: ADR Liquidity 
There's more than meets the eye.
Depositary Receipts
May 16, 2012 Navigating the New Pensions Landscape  Pensions
May 15, 2012 DR Advisor Insights: The Emergence of the Local DR 
Issuers Diversify Capital Sourcing to Asia & Emerging Markets
Depositary Receipts
May 15, 2012 DR Advisor Insights: The Emergence of the Local DR 
Issuers Diversify Capital Sourcing to Asia & Emerging Markets
Depositary Receipts
May 1, 2012 Competition or Consolidation? The Outlook for Interoperability Among European CCPs
In this white paper, J.P. Morgan focuses on interoperability - “an arrangement between two or more CCPs that involves a cross-system of transactions.”
CCP Interoperability
Apr 26, 2012 Securities lending’s promising future 
Resilience among Asia’s securities lending markets, growing demand for collateral, and regulators’ desire to improve financial market infrastructure are encouraging developments.
Securities Lending
Apr 10, 2012 Defining Transparency 
Transition Management is a global and evolving business. Transparency means different things in different regions. In this article, Michael Gardner, head of Transition Management for Europe, Middle East and Africa, discusses the many definitions of transparency, not simply regarding TM fees, and what a client should expect from his/her provider.
Transition Management
Feb 29, 2012 To Trade or Not to Trade 
Trading in a Volatile Market
Irrespective of the benchmark used there is no question that the financial markets witnessed a period of extreme market turmoil and volatility during the summer of 2011. Learning from this experience, in this article we try to quantify the risk, the costs and the actions that transition managers and asset owners should consider in times of unpredictable market conditions. Our findings are based on performance analysis of static investment portfolios during three different market environments, and a comparison of the performance differential of daily returns on a close-to-close basis.
Transition Management
Jan 31, 2012 2011 Depositary Receipts Year in Review  Depositary Receipts
Jan 26, 2012 2011 Multinational Pensions Forum White Paper 
A cross-market dialogue on achieving global consistency, operational efficiency, and strong cross-plan governance.
Pensions
Dec 16, 2011 Depositary Receipts Year in Review 11-month  Depositary Receipts
Nov 30, 2011 Accessing the Brazil Market 
(Appeared in HFMWeek in November 2011)
Brazil illustrates how, in the long run, a fully regulated environment can prove to be beneficial for the funds industry. This is especially true for hedge fund managers, for whom Brazil’s environment provides security, independence and a level playing field in which to operate.
Hedge Funds
Oct 26, 2011 Regional Focus: Brazil 
A look at the first successful securities lending transaction completed in the Brazilian market.
Securities Lending
Oct 1, 2011 Not for tourists: hedge funds in Asia 
A roundtable of leading industry professionals hosted by AsianInvestor discusses the challenges facing the hedge-fund business today.
Hedge Funds
Sep 21, 2011 North American and European Investor Opinions of Latin American Companies 
J.P. Morgan's Depositary Receipts Group is pleased to present the findings of an extensive survey commissioned to help clients understand the disposition of North American and European investors toward Latin American companies.
Depositary Receipts
Sep 20, 2011 DR Advisor Insights: Dark Pools and High Frequency Trading Come to the Fore 
Equities, including depositary receipts, increasingly trade off the NYSE and NASDAQ; understanding Dark Pools and HFTs and their implications for DR programs.
Depositary Receipts
Sep 1, 2011 Collateral Management for Securities Lending  Securities Lending
Sep 1, 2011 A Best Practice Approach for Designing a Securities Lending Program  Securities Lending
Sep 1, 2011 Transparency Defined and Delivered 
PERE magazine’s Guide to Private Equity Real Estate Fund Administration and Technology Supplement (September 2011) features an article written by Bonnie Novella, an Executive Director in the Private Equity & Real Estate Services group. The article explores why those general partners who embrace the true meaning of transparency may achieve the most successful funds.
Private Equity & Real Estate
Aug 12, 2011 The Changing Landscape  
OTC Derivatives Collateral Management for Institutional Investors
J.P. Morgan hosted a Derivatives Collateral Management (DCM) Roundtable in late Spring in Amsterdam, to tackle concerns around the reform proposals and to provide an overview of the clearing requirement detailed in the European Market Infrastructure Regulation (EMIR).
Derivatives Collateral Management
Aug 1, 2011 Collateral – Key in Derivatives Shake Up 
The $600,000bn OTC derivatives market is about to undergo the most significant change in its history. Regulatory changes, which will have considerable legal, operational and commercial impact on dealers, users and processors of OTC derivatives, are set to be implemented over the next 12-18 months.
Securities Collateral Management
Jun 30, 2011 2011 Challenges and Priorities: German Market Survey Voting Results 
J.P. Morgan conducted its first annual German Market Survey earlier this year. The focus of the study was to understand challenges and priorities in the German pensions market and to assess alternative views on issues the industry practitioners are facing and their key priorities for this and the coming year.
Pensions
Jun 17, 2011 Gold as Collateral 
J.P. Morgan recently integrated its gold vaulting service in London with its tri-party collateral agency service, allowing clients to use gold as collateral in tri-party secured financing transaction. This gives clients a new way to utilize this highly-valued, but historically immobile, asset.
Collateral Management for Securities
Jun 1, 2011 Why Outsource Now 
Dodd-Frank is causing blue-chip private equity firms to re-think the hidden costs of in-house fund administration. As they do, many are coming to the conclusion that now is the right time to outsource. When considering outsourcing, this article discusses the criteria and questions to consider about people, technology and processes.
Private Equity Funds
Jun 1, 2011 Keeping up with Regulatory Reform – Derivatives Valuation and Financial Disclosure 
Today the financial services industry is faced with unprecedented focus on regulatory reform including a series of regulations designed to provide improved disclosure and transparency to shareholders, particularly with respect to derivatives. This article explores derivatives valuation standards and financial reporting disclosure, two areas where we expect significant impact for our fund services clients.
Derivatives
May 31, 2011 Hong Kong Depositary Receipts: The innovation Continues 
Hong Kong relishes the role of gateway to all things China including acting as the offshore renminbi centre and of late, making Hong Kong Depositary Receipts an attractive platform for issuers to gain access to the mainland’s burgeoning market as well as its potentially huge capital resources. The advent and outlook for this latest product offering for issuers was the subject of a roundtable forum, ‘Hong Kong Depositary Receipts – The Innovation Continues’ co-hosted by J.P. Morgan and The Asset on May 13 and attended by market intermediaries and service providers.
Depositary Receipts
May 26, 2011 Focus On Operational Risk 
In this article, Worldwide Securities Services Alternative Investments head strategist Georges Archibald and strategy manager Sanjay Pani explain how to manage your hedge fund business in an effective and compliant manner, focusing on the role of the fund administrator in mitigating operational risk.
Hedge Funds
May 9, 2011 U.S. Regulatory Developments and the Impact on the Investment Management Industry 
This white paper examines fundamental regulatory changes in the U.S. – those which have occurred over the last 18 months and which continue to evolve – and their impact on the investment management industry.
Investment Managers
May 1, 2011 Change - the only constant: Pension Funds and Charities Annual Summit Voting Results  Pensions
Apr 25, 2011 A Best Practice Oversight Approach for Securities Lending  Securities Lending
Apr 14, 2011 Lessons in lending 
Insights into the state of the securities lending market
The J.P. Morgan and AsianInvestor Securities Lending Roundtable Report in which five securities lending specialists discuss the state of the market, covering issues such as collateral quality, reinvestment of cash collateral and lending program flexibility.
Securities Lending
Apr 9, 2011 Greater China Depositary Receipts Roundtable 
Turning the global crisis into opportunity
Companies in Greater China on How They Managed the Global Financial Crisis
Depositary Receipts
Apr 1, 2011 The rise and rise of DR capital raising in Asia 
Keen on tapping the growing Asia investment pool, international issuers find Hong Kong
Depositary Receipts
Mar 31, 2011 2011 Challenges and Priorities: Pensions Trustee Training Survey Results 
This report is an assessment of feedback from J.P. Morgan's fourth U.K. Pension Funds Trustee Training day in London.
Pensions
Mar 11, 2011 Preserving Asset Value with Transition Management 
A look at how transition management is used by institutions to implement changes to investment allocations in a project-managed, risk-controlled way.
Transition Management
Mar 8, 2011 DR Abstract: Board Performance and Evaluation 
J.P. Morgan’s Depositary Receipts Group recently held a roundtable lunch discussing the critical issues involved in measuring and evaluating FTSE Board performance.
Depositary Receipts
Mar 1, 2011 DR Abstract: IR Best Practices for Crisis Situations 
J.P. Morgan’s Depositary Receipts Group recently hosted a conference call on investor relations best practices for crisis situations.
Depositary Receipts
Feb 28, 2011 Analyzing the Dutch Pension Fund Market From a Custodian's Perspective 
A review of trends and developments in the Dutch pension fund market, presented along with the potential effects on custody services.
Pensions
Jan 31, 2011 Summary of Continuing Obligation Requirements for issuers with GDRs listed on the London Stock Exchange 
This memorandum provides an overview of the GDR issuer’s principal continuing obligations following a GDR listing on the Official List of the Financial Services Authority (the “FSA”) and trading on the London Stock Exchange (“LSE”).
Depositary Receipts
Jan 31, 2011 The DR Proxy Process 
Best Practices, Regulatory Developments & Recent Trends in Corporate Governance
Depositary Receipts
Jan 24, 2011 UCITS V is coming soon with a focus on depositaries and renumeration 
As expected, the EU Commission has launched a consultation as a pre- cursor to Undertaking for Collective Investment in Transferable Securities (UCITS) V legislative proposals to be tabled in Spring 2011.
UCITS V
Jan 1, 2011 Depositary Receipts Year in Review 2010  Depositary Receipts
Dec 31, 2010 Fixed Income Transitions - Analysis of a Growing Market 
Read J.P. Morgan's white paper on how fixed income and equity transitions compare and the key points pension funds should consider.
Transition Management
Dec 31, 2010 Global Solutions for Multinational Organizations  Pensions
Dec 10, 2010 DR Abstract: The Practical Application of Corporate Governance 
J.P. Morgan’s DR Group held a seminar in Moscow on ‘The Practical Application of Corporate Governance’.
Depositary Receipts
Dec 10, 2010 DR Abstract: Developing Public Company Infrastructure for IPO and Beyond 
J.P. Morgan’s DR Group held a seminar in St. Petersburg on the subject of‘Developing Public Company Infrastructure for IPO and Beyond.’
Depositary Receipts
Nov 30, 2010 Strategic Challenges and Opportunities for Corporate Sponsors 
A white paper developed out of J.P. Morgan's first forum for corporate sponsors of multinational pension funds entitled ‘Strategic Challenges and Opportunities for Corporate Sponsors’, held in October 2010.
Pensions
Oct 31, 2010 Managing the Changing Business Environment 
Investment and Risk Management Trends in the Dutch Pensions Market
Pensions
Oct 29, 2010 DR Abstract: Global Capital Flows in Asia 
J.P. Morgan’s DR Group recently held workshops in China, Indonesia, Malaysia and Taiwan on global capital flows.
Depositary Receipts
Oct 5, 2010 Making the switch 
Many clients are anxious about any potential risk surrounding moving providers but a considered approach can reap the benefits.
Securities Lending
Sep 30, 2010 The Real Cost of Managing Your Real Estate Fund 
Launching a private equity real estate fund is not just about raising capital and buying properties. The transparent – and hidden – costs of maintaining a platform can also be large and complex.
Private Equity & Real Estate
Sep 9, 2010 DR Abstract: Crisis Communications 
In May 2010, J.P. Morgan hosted a Beijing workshop about crisis communications, as part of its continuing education program for depositary receipts clients.
Depositary Receipts
Sep 1, 2010 Federal Reserve Third-Party Securities Lending   Securities Lending
Jun 21, 2010 The Future of Asset Management 
Exploring New Frontiers
Investment Managers
May 31, 2010 Developments in Governance – A Year On 
Voting results from the Pension Funds and Charities Annual Summit.
Pensions
Sep 29, 2009 Securities Lending Outlook: Managing Value Generation and Risk 
How securities lending works, how it has been affected by the credit crisis and what specific actions are needed to restore the confidence of beneficial owners.
Securities Lending
Apr 1, 2009 Securities Lending in a Crisis Environment: Lessons Learned   Securities Lending
Dec 1, 2008 Securities Lending: Liquidity and Short Selling  Securities Lending
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