J.P. Morgan has been appointed by IFC Asset Management, a wholly owned subsidiary of IFC, a member of the World Bank Group, to provide outsourced private equity accounting and fund administration services.
IFC Asset Management was established in 2009 to manage private equity funds comprising third-party capital.
The establishment of the company marks the first time IFC is serving as a fund manager of third-party capital.
Assets under administration for this mandate total USD4bn.
J.P. Morgan will provide IFC Asset Management’s IFC Capitalization Fund and IFC African, Latin American and Caribbean Fund with a set of services including fund and partnership accounting, capital call and distribution management, treasury services, tax support services, waterfall development, carry plan administration and financial reporting.
"Our goal is to offer strong returns to investors as well as distinct development impact in the markets where we invest," says Ruth Horowitz, chief administration officer of IFC Asset Management. "We believe that investments in emerging markets, especially frontier markets, represent a growing asset class that can bring increased diversification and long-term return opportunities to investors. We also believe that J.P. Morgan has the right combination of industry expertise, technology and proven processes to support our business."
"We welcome IFC Asset Management to our client roster, and believe that our decades of experience, combined with our powerful technology and commitment to client service, will assist them in achieving their investment goals in emerging markets," says James Hutter, global business executive for J.P. Morgan’s private equity fund services group. "Because we have the people and infrastructure at the ready, our clients, like IFC Asset Management, can get to market quickly and efficiently."
