JP Morgan acquisition
Tuesday 25th May 2010, 3:00PM BST.
JP Morgan’s general manager in Jersey, Jenny Swan
US banking giant JP Morgan has signed a deal to buy the Guernsey fund services business of Schroders.
JP Morgan’s general manager in Jersey, Jenny Swan, said that the move showed the group’s commitment to the Channel Islands.
The deal will see JP Morgan Worldwide Securities Services take over the private equity administration services business of Schroders plc.
Subject to regulatory approval, JP Morgan will employ the eight Guernsey-based staff. The business it is acquiring has offices in Bermuda as well as Guernsey and has US$6.2 billion in capital under administration.
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