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Rating:American Century Moves All Back-Office Operations to JPMorgan Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, October 01, 2007

American Century Moves All Back-Office Operations to JPMorgan

News summary by MFWire's editors

American Century has chosen JPMorgan as to be its back-office service provider. American Century had been using JPMorgan for custody previously but had been using another provider as well, according to a spokesperson for JPMorgan.

American Century Investments has selected JPMorgan as sole provider for custody, fund services and securities lending for its funds and institutional accounts, representing approximately $100 billion in assets under management.

JPMorgan Worldwide Securities Services is the primary custodian and securities lending agent for American Century, but under the new arrangement, JPMorgan will be the sole provider for those services and will also provide fund accounting, financial reporting and tax services, pending contract finalization. The new services will be provided by JPMorgan’s Boston-based Fund Services unit, which is part of the firm's global integrated fund accounting platform with locations in the U.S., Europe and Asia.

“We conducted a rigorous search for a service provider and saw in JPMorgan a partner with strong people, processes and systems,” said Robert Leach, American Century’s vice president and director of fund accounting. “We felt that JPMorgan was best equipped to help us fulfill our strategic plan for the future growth and expansion of our company.”

"We are delighted to be named sole service provider for American Century Investments, a firm that has 50 years of experience in global asset investment management," Mark Kelley, head of JPMorgan’s U.S. Fund Services business, announced today at Sibos in Boston. "This expansion of our partnership means we will manage the operations and administrative processes, so American Century can spend even more time developing new investment techniques.”

JPMorgan Worldwide Securities Services offers a full suite of services that allows investment managers to outsource their operational and administrative infrastructure. For more information on JPMorgan’s Fund Services offerings go to www.jpmorgan.com/visit/wss

About American Century Investments American Century Investments is a leading investment manager with more than 45 years of experience helping investors achieve their financial goals. Serving investment professionals, institutions, corporations and individual investors, American Century offers a broad array of products across a variety of investment disciplines. With offices in New York, Mountain View, Calif., and Kansas City, Mo., the company manages approximately $100 billion in assets through mutual funds, institutional separate accounts, commingled trusts and subadvisory accounts. James E. Stowers Jr. founded the company in 1958. Jonathan S.Thomas is president and chief executive officer, and Enrique Chang is chief investment officer. For the past eight years, American Century, which employs 1,800 people, has been selected as one of FORTUNE Magazine’s 100 Best Companies to Work For in America. For more information about the company, visit www.americancentury.com.

About JPMorgan Worldwide Securities Services JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $15.2 trillion in assets under custody. JPMorgan provides innovative custody, fund accounting and administration and securities services to the world's largest institutional investors, alternative asset managers and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 90 markets to help clients optimize efficiency, mitigate risk and enhance revenue through a broad range of investor services as well as securities clearance, collateral management and alternative investment services.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 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 serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com .  

Edited by: Erin Kello

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