JP Morgan has been selected to provide global custody and securities lending services for the investment options that are available within the variable annuity and variable life insurance contracts offered by Jackson National Life Insurance of New York. The investment options in this mandate total approximately $38 billion of net assets as of September 30, 2009.
JP Morgan said that the review and appointment was coordinated by Jackson National Asset Management, (JNAM) and approved by the board of trustees/managers for the funds.
Mark Nerud, president of JNAM, said: “To support Jackson’s growth agenda, it is important to align with a trusted service partner who can best support our global custody and securities lending needs. JP Morgan’s custody services deliver efficiencies, and the customized securities lending model met our requirements for transparency and control over cash collateral reinvestments.”
Mark Kelley, executive of asset gatherer segment, at JP Morgan Worldwide Securities Services, said: “We are excited to welcome Jackson to our global franchise. The investment manager segment is an important market for us, and the Jackson mandate is an excellent example of our ability to provide unique and creative service solutions for global fund managers.”
