JPMorgan Worldwide Securities Services (JPMorgan WSS) has launched a new unit dedicated to providing fund administration services to the booming private equity markets.
JPMorgan Private Equity Fund Services (JPM PEFS) will provide middle and back office outsourcing of fund administration services such as fund and partnership accounting, tax support and comprehensive reporting services to private equity firms and limited partners. The bank has assigned 100 staff to the new unit.
Robert Caporale, who has been named as head of JPMorgan PEFS, comments: "Private equity fundraising is booming, and private equity CFOs want to hire one firm that they trust to handle all of their accounting and operations requirements."
The business will seek to develop relationships and cross-sell a wide range of complementary treasury products, including transaction advisory, cash management, credit, escrow, custody, foreign exchange and derivatives.
Says Caporale: "JPMorgan is well positioned to be the premier one-stop firm for high-quality fund administration. Our services enable private equity managers to focus on what they do best - building investor wealth."