New York, 5 April 2005 - JPMorgan Investor Services announced today that it has been selected by Old Mutual Financial Network (OMFN) as global custodian for the $14 billion general account portfolio of its operating life insurance companies.
JPMorgan Investor Services will provide global custody, securities safekeeping, and short-term liquidity management services to Old Mutual Financial Network, a company that offers a diverse portfolio of annuities and life insurance products in the United States.
"We chose JPMorgan Investor Services as our custodian because of their world-class custody platform, industry expertise and their solid reputation for global leadership," said John Varvaris, Chief Financial Officer of OMFN. "JPMorgan Investor Services' ability to deliver a cohesive package of innovative services across their global franchise is something we needed and can leverage greatly as we continue to expand our business."
"Old Mutual Financial Network is a leading life insurance and annuity provider in the U.S. known for its innovation," said James Putnam, head of JPMorgan Investor Services' North America Financial Institutions Group. "This appointment begins a new relationship between JPMorgan and OMFN in the U.S. and broadens the depth and breadth of the existing relationship between Old Mutual and JPMorgan globally. Furthermore, this mandate underscores JPMorgan Investor Services' position as a long-time leader in the insurance industry."