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Thursday, September 23, 2010

AQR Switches Vendors

Reported by Armie Margaret Lee

AQR Capital Management [see profile] has tapped JPMorgan Worldwide Securities Services to provide fund administration, prime-custody and other securities services for its mutual funds. Bank of New York Mellon was the previous provider.

Marco Hanig, president of AQR Funds, told The MFWire.com that the conversion was completed last weekend.

AQR's mutual funds have more than $2 billion of AUM.

"When we decided to move our business from another service provider, we were looking for a strong firm that would help us build for the future by offering us leading technology, a highly automated environment, and excellent customer service," Hanig said in a press release Thursday morning.

"As we prepare for our next phase of growth, we felt that J.P. Morgan was the right firm to help us reach our business objectives," he added.

JPMorgan's mandate win marks an expansion of the firm's relationship with AQR. Greenwich, Connecticut-based AQR, whose product roster includes hedge funds, is a client of JPMorgan Prime Brokerage.  

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