The outsourcing will include core investment administration services; including trade support, fund accounting and reporting, which are expected to be transferred to JPMorgan by the end of next year. Under the terms of the agreement, JPMorgan will take on a number of Omam's employees who will become an integral part of JPMorgan's activities in the region.

Conrad Kozak, global head of JPMorgan Worldwide Securities Services' securities company, said, "JPMorgan is excited by the opportunity to work with Old Mutual in this capacity. Our platform and comprehensive product suite fits perfectly with Old Mutual's growing investment operations needs. We look forward to finalizing the migration and embarking on a mutually beneficial, long term business relationship with South Africa's leading asset manager."

Henk Beets, Chief Operating Officer at Old Mutual Asset Managers, said, "Omam is pleased to have concluded this agreement with JPMorgan Worldwide Securities Services. The outsourcing of our investment administration services will allow Omam to focus on its core business of maximising investment returns for clients. The appointment of JPMorgan as a leading professional global service provider will enhance our administration capacity through securing ongoing access to world-class technology, and mitigate administration risks, which will also benefit our clients. We look forward to a productive business relationship with JPMorgan."