London, July 12, 2012 - J.P. Morgan's Worldwide Securities Services (WSS) business today announced the launch of its tax calculation and reporting service for UCITS funds distributed into the UK. The UK service currently calculates tax for over 320 funds and over 2000 share classes across the WSS client base.
The service, delivered through J.P. Morgan's proprietary tax reporting system, Fund Tax Reporter (FTR), provides accurate and timely investor tax information in compliance with HM Revenue and Customs and HM Treasury regulations and guidelines. FTR is fully integrated with J.P. Morgan's fund administration services, enabling fund promoters to distribute their products to the growing number of countries that require tax reporting for end investors. Cross-border fund distribution has experienced significant growth with the development of UCITS and increasingly requires the delivery of complex tax figures for end investors.
Francis Jackson, WSS EMEA Markets Executive, said, "The launch of the UK tax service demonstrates our continued commitment to providing solutions for the more complicated aspects of fund distribution for our clients. The FTR platform covers a range of markets, which we are ready to grow further as tax requirements change and our clients seek new channels for fund sales."
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, N.A., WSS leverages the firm's global scale, leading technology and deep industry expertise to service investments around the world. It has $17.9 trillion in assets under custody and $7.3 trillion in assets under administration. For more information, go to www.jpmorgan.com/visit/wss.
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.