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Rating:JPMorgan Fund Services Head Talks Expansion Not Rated 5.0 Email Routing List Email & Route  Print Print
Monday, October 01, 2007

JPMorgan Fund Services Head Talks Expansion

Reported by Erin Kello

JPMorgan Fund Services is a name you'll be hearing a lot more often when talking about back-office providers if Mark Kelley, head of JPMorgan U.S. Fund Services, gets his way.

"We used to call ourselves the best kept secret in the industry when I started here," Kelley said, "but now we've grown way past that."
Mark Kelley
JPMorgan Fund Services
Head U.S. Operations

"In the last 18 months we have increased the number of funds we service by 35 percent and we have increased the number of employees from 400 to 600," Kelley told The MFWire. He said that the biggest area of growth for JPMorgan has been in providing back-office services for ETF firms such as Rydex and ProFunds.

Mergers of other back office providers, like the recent State Street-IBT combination, have also created many opportunities in the market to pick up business, according to Kelley. "These (mergers) sometimes make fund companies step back and re-evaluate the service they are receiving," Kelley said.

Kelley expects the growth at JPMorgan to continue on for the foreseeable future and says that the company expects to announce more wins soon.

As part of the expansion, JPMorgan will be expanding its offices at 1 Beacon Street in Boston as well as adding more people to its team. "We will be expanding our team as we bring in more business," Kelley said.  

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