Morley to transfer back office to JPMorgan
20 November 2003 | 3726 views | 0
London asset manager Morley Fund Management is to transfer its back office administration platform and 200 employees to JPMorgan Investor Services.
The two firms are in advanced discussions and expect to sign heads of agreement before the end of the year. The new utility service to result from the transfer will be marketed by JPMorgan to other UK fund managers. Financial details of the deal are not available.
Nick Alford, chief operating officer of Morley, said: "With this deal, Morley has moved beyond straight 'liftouts' and outsourcing. By establishing this service now, Morley, with JPMIS, gains first mover advantage in what will be a new segment of the overall administration services market."
The new service will develop across the next 12 months through a number of stages, he says, incorporating the transfer of Morley employees and operational assets to JPMorgan, as well as a number of phased IT developments. It will carry out all existing core operational functions associated with Morley’s investment activities, including fund accounting, securities administration, business analysis and client reporting.
Ramy Bourgi, business executive JPMIS Europe, Middle East and Africa, comments: "By using the Morley platform and people as the foundation for this initiative we can catapult JPMIS into a clear leadership position in terms of creating an administration capability for asset managers and their clients."