J.P. Morgan extends its asset servicing business 25 January 2018Rotterdam Reporter: Zsuzsa Szabo
Image: Shutterstock
J.P. Morgan is set to extend its asset servicing business, by signing an outsourcing deal with Dutch asset manager Robeco.
Under Robeco’s strategic plan for 2017-2021, it is outsourcing part of its operations and administration activities to the American banking behemoth.
J.P. Morgan will provide transfer agency, fund accounting, operations, custody depositary and securities lending for the Rotterdam-based asset manager.
The outsourcing process begins this month and will last up to two years.
J.P. Morgan promises that with its global network, it will provide operations activities to Robeco in multiple locations and time zones.
As part of the transition, about 70 Rotterdam-based employees will lose their positions once the process has been completed.
Gilbert Van Hassel, CEO of Robeco, said: “As a consequence of the global playing field and increasing complexity, asset managers need a specialised operations provider with a global presence.”
“Given the impact of this decision on our people, this is not a decision that we have taken lightly and we will implement the outsourcing with the greatest care for the people involved.”
Van Hassel added: “However, we believe that outsourcing is a necessary step that will help us continue to deliver excellent service to our clients worldwide.”
Ann Doherty, regional sales executive for Europe, the Middle East and Africa, investor services at J.P. Morgan, said: “We are delighted to deepen our strategic partnership with Robeco and support its growth ambitions around the world by providing investment operations, custody and funds services.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 