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Friday, May 16, 2008

JPMorgan Fund Services Eyes Expansion

Reported by Erin Kello

JPMorgan Fund Services plans on expanding. Mark Kelley, head of global fund manager, insurance and pension fund segments , told The MFWire that the pressure to outsource back-office operations is getting greater for fund companies and JPMorgan is positioned to take advantage of that opportunity.

Mark Kelley
JPMorgan Fund Services
head of global fund manager, insurance and pension fund segments
“Fund managers are under pressure to increase returns, so more and more of them are making the decision to outsource to help them stay competitive,” Kelley said in recent interview.

He said the three R's -- returns, regulatory and risk management and reducing expenditures -- all play into the pressure to outsource. He cites PriceWaterhouse Coopers data that showed that 30 percent of asset mangers expect an increase in outsourcing activity.

There is also opportunity in new investment vehicles, such as ETFs, a opportunity that JPMorgan has pursued aggressively. Global ETFs are among the fastest growing products in need of back-office services, Kelley said. JPMorgan counts ProShares, Rydex Investments and Ziegler as among its clients for ETF back-office work.

Kelley expects that this growth in outsourcing and the opportunity presented by newer investment vehicles will in turn help JPMorgan Fund Services grow. He says the company expects to add about 400 new employees in the next few years.  

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