London, 17 December 2009 - J.P. Morgan and Amonis OFP today announced that J.P. Morgan's Worldwide Securities Services business has been awarded a mandate to provide custody and related services to Amonis OFP, the largest pension fund for health care workers in Belgium.
J.P. Morgan was selected following a review conducted by Amonis with the support of Thomas Murray, the specialist Pension fund advisory firm.
Hugo Lasat, CEO of Amonis, said: "The pension fund industry is evolving rapidly and we have found a partner that can support Amonis in its development via a long lasting relationship. Custody has become a commodity but the additional services J.P. Morgan is offering are essential building blocks for the management and evolution of our pension scheme and offer substantial value."
Lasat added: "The change of custodian has been implemented in record time and we are very satisfied with the final result and set-up. The implementation came at a challenging time as Amonis was managing the fall out of the financial crisis. Against this backdrop we are pleased to report a significant double digit growth in pension capital during 2009."
Lasat also said: "Amonis moved to a new asset allocation structure based on two major building blocks: an 'Income Portfolio' based on the pension funds expected cash flows and a 'Growth portfolio' that delivers a superior investment return. Amonis also strengthened its internal governance and organisational structure."
Benjie Fraser, Head of Business Development and Relationship Management for J.P. Morgan Worldwide Securities Services' pension fund business in Europe, said: "We are delighted to support the Amonis pension fund as we continue to expand our work with pension funds across Europe. We are pleased to be able to support Amonis's specific requirements in the Belgian market as part of this strategy."
John Gout, Head of Business Development and Relationship Management for Benelux at J.P. Morgan Worldwide Securities Service, said: "We are delighted to be appointed by Amonis as it shows our local commitment and dedication to work with institutional investors as part of our overall strategy to offer firm-wide solutions in the region and Belgium in particular".
About Amonis OFP
Founded in 1967, Amonis OFP is the pension scheme for Belgian doctors, dentists, pharmacists, physiotherapists and other practitioners in the medical sector as well as other liberal professions and self employed persons.
Amonis OFP is a pension scheme with current 1 bn EUR ($1.5 bn) assets under management for some 25,000 active members and 1,300 pensioners. Amonis is the second largest Belgian Pension scheme in terms of AUM and operates through a staff of 35 professionals. www.amonis.be
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 J.P. Morgan Chase Bank, N.A. (NYSE: JPM), WSS leverages the firm's unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $14.9 trillion in assets under custody and $5.1 trillion in funds 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 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. In Asia Pacific, J.P. Morgan operates through 26 offices in 15 countries and has developed its wholesale banking franchise during a history of almost 160 years in the region. More information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.