RiskMetrics acquires JPMorgan's Arrakis technology
01 April 2003 | 4506 views | 0
RiskMetrics has acquired Arrakis, an online toolkit for high net worth individuals developed by JPMorgan Chase's private banking group.
Arrakis provides the analytics implementation and infrastructure underlying JPMorgan Chase's Morgan OnLine.
Under the agreement, RiskMetrics Group - itself a former division of JPMorgan - assumes control of the system's underlying technology, future technology development, Web hosting, maintenance and support. JPMorgan Chase will retain exclusive rights to both the Morgan OnLine and Morgan View products as well as the proprietary analytics within Morgan OnLine designed specifically for its clients. Details on the terms and conditions of the transaction were not available.
RiskMetrics Group CEO, Ethan Berman, comments: "The assets from Morgan OnLine combined with our WealthBench suite of analytics allows us to provide our customers with an enterprise-wide wealth management platform that underscores the changing role of advisers and equips them to succeed in a far more demanding environment."