Source: JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, the leading global provider of custody and securities services, today announced that Charles Schwab Investment Management (CSIM) selected the firm to provide outsourcing services for separately managed accounts included in CSIM's portfolio of approximately $180 billion in assets.
JPMorgan's rapid conversion process brought CSIM's 5,000 accounts live in three months.
JPMorgan Managed Account Solutions is providing CSIM with a variety of separately managed account outsourcing services designed to automate back office functions such as shadow accounting, account reconciliation, new account setup, performance calculation and account maintenance. CSIM also has access to JPMorgan's extensive set of capabilities including: access to all programs through a single web-based interface, customized accounts for implementing model portfolios, document management and billing services.
"We have been very pleased with the technology platform and the operations resources that JPMorgan has built. Their ability to implement in such a short period of time has been equally impressive," said Ed Patron, Vice President and Chief Technology Officer for CSIM.
The industry average for converting separately managed accounts is normally far longer, but JPMorgan fast-tracked the process to bring the accounts live in three months. CSIM will also benefit from JPMorgan Managed Account Solutions premier systems for order management, billing, document management, fixed income trading and modeling.
"The JPMorgan solution provides flexibility and scalability, allowing us to focus our resources on our core business - managing money - instead of operations and administration," said Yale Kofman, Vice President of Separate Account Portfolio Management at CSIM.
"The combination of JPMorgan and Charles Schwab Investment Management is a powerful one and will mean best-in-class services for separately managed accounts," said Steven Smith, head of business development for JPMorgan's Managed Account Solutions Group. "Our award-winning technology and extensive knowledge in the industry will help CSIM deliver even more investment solutions for their clients."
Steve Boyle, Senior Product Specialist for JPMorgan, said: "Completing the conversion and implementation in three months was important to the client and we were delighted to deliver. We look forward to providing any and all services that CSIM needs to successfully expand their Managed Account product offering."