The move will align the core competencies of trade execution within JP Morgan and allow BlackRock to focus on its client service delivery in Asia Pacific.
BlackRock global head of Shareholder Services Dan Schwieger said that JP Morgan has been administering many of the Luxembourg and Irish domiciled funds for many years, so this is a logical and pragmatic extension of the relationship.
JP Morgan Worldwide Securities Services senior product manager Transfer Agency Asia Pacific Euan McLeod said that this mandate clearly demonstrates the strength and the capacity of the transfer agency platform in Asia Pacific and the ability to support clients.
JP Morgan’s transfer agency platform currently supports the Asian distribution of offshore funds in the Asian region as well as domestic funds in Hong Kong and Singapore, and also provides transfer agency services to hedge funds.
In addition, JP Morgan offers local representative services for global institutional clients with a limited presence in Asia Pacific, and also provides AML / KYC support in accordance with Luxembourg and Ireland regulatory requirements.
McLeod added that JP Morgan will continue to invest and enhance its transfer agency platform through 2011 and 2012, with a focus on developing services and attracting new clients based in key growth markets for distribution, including Hong Kong, Singapore, Japan, Korea and Taiwan, as well as domestic funds in Hong Kong and Singapore.
