Barclays Global Investors (BGI) has outsourced the bulk of its European investment operations to JPMorgan Worldwide Securities Services.
JPMorgan says BGI's transition to its servicing platform is "one of the biggest investment services outsourcing transactions in the region".
The US bank now provides a fully integrated service to BGI which includes derivatives servicing and valuation, transfer agency, custody services, portfolio valuation and end client reporting, administration and fund accounting functions for the full range of BGI funds domiciled in the UK, Dublin, Jersey and Luxembourg.
JPMrgan already provided securities lending and custody services for BGI's UK funds.
Commenting on the agreement, Susan Ebenston, product executive for international funds services, JPMorgan Worldwide Securities Services, says: "We have been able to create a truly integrated operating model which delivers real value to both parties."
Malcolm Smith, European COO at BGI, says: "By leveraging JPMorgan's scale and technology platforms, we will be able to continue to innovate and best serve our clients."