New York, June 7, 2005 - JPMorgan Worldwide Securities Services, a leading global provider of custody and investor related services, announced today that it will offer electronic distribution of corporate action materials. The new web-based system gets materials out faster, is easier to use, and eliminates the distribution of thousands of paper documents annually.
The new technology allows JPMorgan Worldwide Securities Services to provide institutional investors such as mutual funds, investment managers, pension funds, banks and insurance companies, with access to a comprehensive set of shareholder communications related to corporate action events for US and Canadian securities. Documents including a prospectus, letter of transmittal, tax information, broker letter and more are electronically packaged and can be viewed in one consolidated place.
"Electronic publishing and distribution of corporate action materials provides institutional investors with the most advanced technology available to optimize efficiency," said Diane Babich, Vice President and Global Custody Product Manager at JPMorgan Worldwide Securities Services. "The new system eliminates the expense and delays associated with paper mailing of prospectuses, and provides a quick and easy way to meet our regulatory requirements."
The shareholder communication documents will be scanned by ADP and posted to their Reorg Library within 24 hours of receipt of the physical materials. The system sends an email alert that allows clients to simply click on a secure Internet link to view the shareholder information. The new system includes an electronic toolbar that provides easy navigation and the ability to print selected documents or pages. The documents are packaged, bookmarked and indexed electronically, enabling users to do easy word searches and requires no attachments or plug-ins.
"JPMorgan Worldwide Securities Services is the first global custodian to use this high-performance system that includes the document, search engine and navigation combined," said Bob Schifellite, Senior Vice President and General Manager, ADP ICS. "The interactive Reorg documents are far superior to a PDF file, since they require much less disk space and allow users to search all documents within an email window."