Threadneedle to outsource investment ops to JPMorgan
23 June 2006 | 9333 views | 0
UK fund manager Threadneedle Investments has entered into exclusive discussions to outsource its investment operations to JPMorgan Worldwide Securities Services.
Under the 'lift out' deal, Threadneedle will transfer operational control of its Swindon-based investment operations functions - which cover confirmation and settlement, valuations and pricing and accounting activities - to JPMorgan in October 2006.
JPMorgan says subsequently Threadneedle's Swindon operations and staff will become part of its expanded European service offering.
Commenting on the deal, Crispin Henderson, managing director of Threadneedle Investments, says: "Our clients will benefit from JPMorgan's strengths in service administration and commitment to providing state-of-the-art capabilities in derivatives and complex instruments."
Threadneedle and JPMorgan expect to finalise contractual arrangements during July 2006.