As of 31 December 2010, J.P. Morganâs Luxembourg assets under custody stood at $533 billion and assets under administration were $405 billion. Luxembourg domiciled assets totalled $2,955.2 billion for the same period. The Lipper survey has recognised J.P. Morgan as the largest custodian in the country for the previous 11 years. Significantly, J.P. Morgan has broken the $500 billion barrier for assets under custody and now holds an 18% share of the Luxembourg market. The survey also revealed that J.P. Morgan holds nearly 50% more assets under custody than the second placed firm.
Laurent Vanderweyen, Managing Director of J.P. Morgan Bank Luxembourg S.A, commented: âJ.P. Morganâs retention of the top position as custodian and administrator in Luxembourg is a strong endorsement by our clients of the performance of our offshore business. Surpassing $500 billion in assets under custody in Luxembourg is a significant milestone which we intend to build on via our global model and strength of product offering.â
Francis Jackson, Market Executive Worldwide Securities Services, EMEA, at J.P. Morgan, added: âWeâre pleased to have received this respected accolade which is further endorsement of the J.P. Morgan model which is tailored to any client profile whatever their strategy and relative size in the market. The rankings also highlight the strength and breadth of our offering and a business model which focuses on a highly diversified book of clients across the fund industry.â
J.P. Morgan has been in Luxembourg for 37 years. The bank employs over 600 staff along with more than 100 people employed at J.P. Morgan Asset Management in Luxembourg; this makes it the largest J.P. Morgan location in continental Europe.