JPMorgan Worldwide Securities Services has signed US fund manager Gartmore Global Investments to its managed accounts services.
Under the deal, JPMorgan will provde back office services for Gartmore's separately managed accounts, including account opening and closing, account maintenance, document management, order management, performance reporting and account reconciliation.
Gartmore will also utilise services that JPMorgan offers investment managers, including the ability to access all programs through a single Web-based interface and implement model portfolios across multiple customised individual accounts, as well as shadow accounting, document imaging and billing services.
Earlier this year Schroders terminated its outsourcing deal with JPMorgan. The UK asset manager originally contracted with JPMorgan in 2000 to outsource the administration of its £75 billion of UK custody and fund assets, but decided in July this year to ditch the deal and bring its investment operations back inhouse. The firm also took a £20 million pay-off from the US bank.