J.P. Morgan Worldwide Securities Services has signed an agreement to acquire the private equity administration services business of Schroders, subject to regulatory approval.
Based in Guernsey and Bermuda, the private equity administration services business currently has USD6.2bn in committed capital under administration.
"This acquisition emphasises our commitment to continuing to build out our industry-leading private equity administration offering," says Conrad Kozak (pictured), chief executive 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, says: "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."
J.P. Morgan provides private equity administration services to more than 100 clients with USD225b in alternative assets. It has offices in New York, London, Luxembourg, Jersey, Sydney, Chicago, Dallas and San Francisco.
