JPMorgan Private Equity Fund Services has announced that as part of its international expansion efforts it has established a presence in Jersey to service existing and new offshore clients
JPMorgan Private Equity Fund Services has announced that as part of its international expansion efforts it has established a presence in Jersey to service existing and new offshore clients.
The company says the launch of a new European hub makes it well positioned as a full service administrator for private equity firms and institutional limited partners in Europe, as one of the few private equity administrators in the UK and the Channel Islands able to offer banking services including cash management and foreign exchange as well as tax support services to its administration clients.
The Jersey operation will provide administration for private equity, real estate and infrastructure funds, as well as alternative investment portfolio administration for institutional limited partners.
JPMorgan says Jersey is a prime location for European private equity, with assets under management in private equity and real estate funds domiciled and/or administered in Jersey totalling some USD100bn. At the end of last year more than 400 private equity and real estate funds were domiciled and/or administered in Jersey, according to promotional agency Jersey Finance.
‘Establishing a Jersey presence is a major step forward for our European Private Equity Fund Services business, allowing us to service a broader range of European private equity firms,’ says Huw Jones, regional head for Europe, the Middle East and Africa. ‘Following the successful launch of our London presence last year, this expansion solidifies our leading administrator position in the European private equity market.’
Jenny Swan, general manager of JPMorgan’s Jersey office, says: ‘JPMorgan has had a presence in Jersey for more than 30 years and currently offers services across a number of the firm’s business lines. The Private Equity Fund Services team will leverage existing capabilities and relationships.’
JPMorgan Private Equity Fund Services currently services more than 200 funds representing USD58bn in committed capital and serves institutional investors with USD135bn in aggregate committed capital. In addition to its new Jersey location and London, the business also has offices in New York, Sydney, San Francisco, Chicago and Dallas. Its parent, JPMorgan Investor Services, has USD15.5trn in assets under custody and USD4.7trn in assets under administration.
