John Hancock Private Client Group has selected JPMorgan to provide separately managed account administration for the more than $1.6 billion in assets the firm manages.
JPMorgan Managed Account Solutions will provide John Hancock Private Client Group (JH PCG) with a variety of services to automate back office functions for their 5,000 separately managed accounts (SMAs). The JPMorgan services will include: shadow accounting, account reconciliation, account maintenance, performance calculation and trading. These services allow asset managers to reduce risk, streamline processes and improve services to their customers.
JPMorgan's extensive suite of services is fully integrated and available through a single Web-based interface based on JPMorgan proprietary applications and the Vestmark platform. This state-of-the art technology allows firms to efficiently manage existing client accounts and easily expand services for new clients and partners.
"The John Hancock Private Client Group joins the growing number of firms that understand the benefits of outsourcing separately managed account administration," said Scot G. Knight of JPMorgan's Managed Account Solutions Group. "We are delighted that they chose us to be their first and only SMA outsource provider."