New York, October 11, 2005 - JPMorgan Worldwide Securities Services, a leading global provider of custody and securities services, today announced that Gartmore Global Investments has selected JPMorgan to provide outsourcing services for separately managed accounts included in the $81 billion* in assets that Gartmore's affiliated advisers collectively manage.
JPMorgan Managed Account Solutions will provide Gartmore with a set of new and comprehensive separately managed account outsourcing services designed to easily and simply automate back office functions such as account opening and closing, account maintenance, document management, order management, performance reporting, and account reconciliation. Gartmore will also be able to take advantage of a wide variety of services that JPMorgan offers investment managers including: the ability to access all programs through a single web-based interface and implement model portfolios across multiple customized individual accounts, as well as shadow accounting, document imaging and billing services.
"Gartmore selected JPMorgan Worldwide Securities Services because they had the most comprehensive range of services, the most advanced technology in the industry, and a team of people who understand our business," said Tim Grugeon, vice president of business unit support and outsourcing at Gartmore Global Investments.
"We are proud and delighted to be working with Gartmore, an international asset management firm that is renowned for their deep understanding of the financial marketplace," said Stephen Boyle, Director of Managed Accounts Outsourcing for JPMorgan Worldwide Securities Services. "With these services, Gartmore can continue to concentrate on its core business of delivering attractive investment performance for their customers, while we take care of back office operations and administrative details."
"Providing support for the Managed Account marketplace is a key growth area for us," said Steven A. Smith, head of business development for JPMorgan Managed Account Solutions. "JPMorgan is well positioned to be the leader in the separately managed account servicing business because of its extensive experience in financial services outsourcing, best-in-industry customer service, and Vestmark's best-in-class technology."