American Century Investments has selected JPMorgan as sole provider for custody, fund services and securities lending for its funds and institutional accounts, representing approximately $100 billion in assets under management.
JPMorgan Worldwide Securities Services is the primary custodian and securities lending agent for American Century, but under the new arrangement, JPMorgan will be the sole provider for those services and will also provide fund accounting, financial reporting and tax services, pending contract finalization. The new services will be provided by JPMorgan's Boston-based Fund Services unit, which is part of the firm's global integrated fund accounting platform with locations in the U.S., Europe and Asia.
"We conducted a rigorous search for a service provider and saw in JPMorgan a partner with strong people, processes and systems," said Robert Leach, American Century's vice president and director of fund accounting. "We felt that JPMorgan was best equipped to help us fulfill our strategic plan for the future growth and expansion of our company."
"We are delighted to be named sole service provider for American Century Investments, a firm that has 50 years of experience in global asset investment management," Mark Kelley, head of JPMorgan's U.S. Fund Services business, announced today at Sibos in Boston. "This expansion of our partnership means we will manage the operations and administrative processes, so American Century can spend even more time developing new investment techniques."