Threadneedle Investments is outsourcing its investment operations services to JPMorgan.
As part of the deal, Threadneedle will transfer operational control of its Swindon-based investment operations facility to JPMorgan in October.
Threadneedle said the outsourcing will be achieved by way of an initial “lift out” of Threadneedle’s operations covering confirmation and settlement, valuations and pricing, and accounting activities for all of Threadneedle’s funds.
JP Morgan plans to migrate from the Threadneedle systems platform to the JPMorgan platform by early 2008.
Threadneedle said the Swindon operations and staff will form an integral part of JPMorgan’s expanded European service offering.
Crispin Henderson, managing director of Threadneedle Investments, said, “We are pleased to have finalised a deal which allows us to focus on our key strength as a fund manager. Our clients can look forward to the support from JPMorgan’s strengths in service administration and commitment to providing state-of-the-art capabilities in derivatives and complex instruments.”
Conrad Kozak, JPMorgan Securities executive, said, “Threadneedle wanted continuity in the transition, so we are keeping their systems in place and welcoming their Swindon-based client services team.”
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