JPMorgan rolls out Milestone fund processing platform

JPMorgan rolls out Milestone fund processing platform

In the first phase of a global roll out, US investment bank JPMorgan Chase has begun installing Milestone Group's fund processing technology at its UK operations.

Sydney-based Milestone says JPMorgan Chase will initially use its pControl platform to automate complex pre and post-pricing validations and fund of fund unit pricing for UK based clients.

The vendor says pControl enables the bank to automate fund processing functions. The software will also be used to support growth in a range of related fund processing functions as part of the bank's fund manager outsourcing platform.

Susan Ebenston, SVP, JP Morgan Chase, says: "PControl is viewed as a strategic component of our overall delivery architecture."

The technology will also be used as part of JPMorgan Chase's services capability. The US bank provides outsourced services to a number of fund managers and investment management firms including Threadneedle and Henderson Global Investors.

Commenting on the contract, Geoff Hodge, CEO of Milestone Group, says: "We see JP Morgan Chase's use of pControl as a core platform component as confirmation of pControl's ability to deliver scalability and efficiency to fund managers and major service providers administering an expanding spectrum and volume of fund structures."

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