JPMorgan acquires Schroders' PE admin business

"This acquisition emphasizes our commitment to continuing to build out our industry-leading private equity administration offering," said Conrad Kozak, CEO of J.P. Morgan Worldwide Securities Services. "It allows us to expand the global footprint of our private equity administration business, while at the same time allowing us to further deepen our relationship with Schroders."

Schroders' private equity administration business was initially developed to support "Schroder Ventures," an in-house private equity business that is no longer part of the Schroders Group, and later expanded into third-party administration. Markus Ruetimann, Group Chief Operating Officer at Schroders said, "We believe that J.P. Morgan will be able to realize the full growth potential of the private equity administration business through the combination of our operations and WSS. J.P. Morgan is one of our most trusted fund service partners and we believe that this transaction will ensure the continued delivery of a high standard of service to our private equity administration clients."

"We believe there is strong synergy between our two businesses," said James Hutter, global business executive for J.P. Morgan's private equity fund services division. "We share a common origin being among only a few administrators that grew out of private equity firms, our product offerings and technology are very complementary, and we both are known for having a strong service culture."