Luxembourg, 4 May 2011 - J.P. Morgan Bank Luxembourg S.A. announced that it has been named largest custodian and fund administrator, according to Lipper's 17th Annual Luxembourg Fund Encyclopaedia.
As of 31 December 2010, J.P. Morgan's Luxembourg assets under custody stood at $533 billion and assets under administration were $405 billion. Luxembourg domiciled assets totalled $2,955.2 billion for the same period. The Lipper survey has recognised J.P. Morgan as the largest custodian in the country for the previous 11 years. Significantly, J.P. Morgan has broken the $500 billion barrier for assets under custody and now holds an 18% share of the Luxembourg market. The survey also revealed that J.P. Morgan holds nearly 50% more assets under custody than the second placed firm.
Laurent Vanderweyen, Managing Director of J.P. Morgan Bank Luxembourg S.A, commented: "J.P. Morgan's retention of the top position as custodian and administrator in Luxembourg is a strong endorsement by our clients of the performance of our offshore business. Surpassing $500 billion in assets under custody in Luxembourg is a significant milestone which we intend to build on via our global model and strength of product offering."
Francis Jackson, Market Executive Worldwide Securities Services, EMEA, at J.P. Morgan, added: "We're pleased to have received this respected accolade which is further endorsement of the J.P. Morgan model which is tailored to any client profile whatever their strategy and relative size in the market. The rankings also highlight the strength and breadth of our offering and a business model which focuses on a highly diversified book of clients across the fund industry."
J.P. Morgan has been in Luxembourg for 37 years. The bank employs over 600 staff along with more than 100 people employed at J.P. Morgan Asset Management in Luxembourg; this makes it the largest J.P. Morgan location in continental Europe.
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services 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. Worldwide Securities Services leverages the firm's unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $16.6 trillion in assets under custody and $7.1 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 $2.2 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. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.