Isis Asset Management, an investment company formed by the merger of Friends Ivory & Sime and Royal & SunAlliance Investments, has reached heads of agreement with JPMorgan to outsource "a number of its operational functions".
Isis CEO Howard Carter says the deal will provide an operational platform that is scaleable to support the firm's ambitions of becoming one of the top five UK asset managers by 2007.
Isis conducted discussions with a number of potential partners before selecting JPMorgan. CSTIM, a specialist consultancy in the investment management industry assisted Isis in the selection process.
"This is a major development for Isis," says Carter, "following on from the successful integration of Royal & Sun Alliance Investments. It will enable us to focus our technology investment on our core activities and improve the way our costs are aligned to our revenues."
He says that all staff impacted in Isis' London and Edinburgh offices will be offered jobs in their current location of employment. Potentially around 70 of Isis' 500 staff will have their employment transferred to JPMorgan.