London, 1 December 2011 - J.P. Morgan today announced the expansion of its Prime Custody service, which is now available to hedge fund clients of its European Prime Brokerage business further establishing it as a provider of both market leading prime brokerage and global custody services through a fully integrated platform.
Complementing the recent successful launch of an enhanced European prime brokerage offering, the Prime Custody service enables clients to segregate securities using a bank custodial account, while taking advantage of the capabilities of J.P. Morgan's prime brokerage offering, delivered through a fully integrated product suite.
J.P. Morgan's Prime Custody platform leverages two J.P. Morgan franchises: J.P. Morgan Worldwide Securities Services (WSS), one of the industry's leading securities servicing providers with $16.6 trillion of assets under custody, and J. P. Morgan Prime Brokerage, a market-leading global prime brokerage. The integrated Prime Custody offering includes efficient movement of securities between Custody and Prime Brokerage accounts, consolidated reporting, a single client-facing technology portal and a dedicated client service representative supporting all products.
Devon George-Eghdami, Global Head of Prime Custody, said: "Our Prime Custody service has been supporting US hedge fund managers for over ten years* and it is this experience that is invaluable in today's market. We are focused on meeting the demands of hedge fund managers who seek a provider that offers flexible solutions, has a strong capital base and experience managing risk during volatile times."
Sandie O'Connor, Global Head of Prime Services at J.P. Morgan, said: "This is the next evolution in our continued effort to expand our prime brokerage franchise in Europe. These local capabilities will allow our international clients to have integrated access to multiple J.P. Morgan services across asset classes."
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Custody services and interest rate derivatives are offered through JPMorgan Chase Bank, N.A., member FDIC; equity and FX prime brokerage services are offered through J.P. Morgan Clearing Corp., member SIPC, FINRA, and NYSE; securities products are offered through J.P. Morgan Securities LLC, member SIPC, FINRA, and NYSE.
* Note to editors: This was the heritage Bear Stearns business.