London, 10 June 2010 - J.P. Morgan Worldwide Securities Services and BankInvest today announced that J.P. Morgan has been awarded a mandate to provide custody and related services to BankInvest, a leading asset manager and provider of investment funds in the Nordic region with $23bn of total assets under management and administration.
J.P. Morgan will provide custody services to 28 listed investment funds managed by BankInvest with approximately $9bn assets under custody. The mandate was awarded following a tender of both Danish and global custody providers. Previously, domestic banks based in Denmark had acted as custodians to BankInvest.
Francis Jackson, Head of Business Development for J.P. Morgan Worldwide Securities Services EMEA, said: "We are delighted that BankInvest has selected J.P Morgan to provide custody services. Our significant investments in technology, and the broad scope of our services, mean we are well positioned to serve BankInvest's complex requirements."
Allan Nedergaard, Director, J. P. Morgan Europe (UK), Copenhagen Branch, said: "We are uniquely positioned as a global custodian with local Danish FSA approval to act as depositary for mutual fund clients regulated in Denmark. The BankInvest mandate demonstrates the success of our strategy to provide local capabilities supported by our global size. We look forward to leveraging our global reach, and understanding of the local market, to provide BankInvest with custody and related solutions."
"We are pleased to have appointed J.P. Morgan as custodian to provide quality, competitive custody services to our investors," said Christina Larsen, Managing Director of BankInvest and BI Management A/S, the administration arm of the asset manager. "BankInvest and our investors will now benefit from J.P Morgan's global reach and significant technology investment."
The agreement with J.P. Morgan Europe (UK) Copenhagen branch is conditional on the approval of the Danish Financial Supervisory Authority.
BankInvest is a leading asset manager and provider of investment funds in the Nordic region with total assets under management and administration of DKK 147 billion. BankInvest has eight listed mutual funds comprising 28 sub-funds and manages assets for approx. 250,000 private investors and close to 100 institutional investors in Denmark and internationally. BankInvest, founded in 1969, is owned by just below 50 local and regional Danish Banks. For more information, go to www.bankinvest.dk.
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 unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $15.3 trillion in assets under custody and $6.5 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 $2.1 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.