JPMorgan is investing more resources in Boston. They have hired 150 more Beantown employees in the last year to provide custody, accounting, investment operations and fund administrative services for U.S. mutual fund companies. To accommodate all these new additions, JPMorgan has also leased a larger office space located at 1 Beacon Street. -ed.

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JPMorgan Worldwide Securities Services today announced plans to expand its Fund Services operation in Boston, hiring new employees and leasing larger office space.

JPMorgan has hired more than 150 new employees in the past year and plans to hire more this year to provide custody, accounting, investment operations and fund administrative services for U.S. mutual fund companies. The firm recently signed a lease to expand into new office space at 1 Beacon Street. Terms were not disclosed.

“We have won several key client mandates and are expanding to ensure we can continue to provide services at the same high level of quality,” said Mark Kelley, head of JPMorgan's U.S. Fund Services business. “JPMorgan will keep investing in all the people, products and services required to be a premier provider in the funds services industry.” The Fund Services' expansion is the latest investment by JPMorgan in the state of Massachusetts, where the bank has more than 1,000 employees and serves more than 1.5 million consumers.

“JPMorgan Fund Services has for too long been the best kept secret in Boston,” said Daniel Kramer, global head of JPMorgan’s Fund Services operations, who is based in Boston. “This expansion should make it clear that Boston is a key hub in our extensive global system, providing crucial services to some of the largest and most reputable mutual fund companies in the industry.”

JPMorgan Worldwide Securities Services administers over $11.5 trillion in assets for asset managers and institutional investors worldwide. The Fund Services business provides a full range of services for investment managers and processes more than 30 million securities transactions a year. The Boston operations are part of the firm's global integrated fund accounting platform with locations in the U.S., Europe and Asia.

Among the services provided by JPMorgan Fund Services are: Compliance Reporting Services to meet regulatory requirements, Compliance Solutions that support the needs of Chief Compliance Officers, Financial Reporting to shareholders, Fund Accounting and Fund Administration for U.S. mutual funds and offshore funds, Managed Account Solutions for Separately Managed Account (SMA) administration, Transfer Agency Services for the institutional and retail fund markets and Trustee & Depositary Services.

JPMorgan also works with institutional investors to create and launch new Exchange Trade Funds (ETFs). JPMorgan currently provides services to more than $24 billion in ETF assets and helped create the first “share class” ETF, the first enhanced index, inverse index and foreign currency based ETFs.

For more information on JPMorgan Fund Services go to www.jpmorgan.com/visit/fundservices

About JPMorgan Worldwide Securities Services

JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $13.9 trillion in assets under custody. JPMorgan provides innovative custody, fund accounting and administration and securities services to the world's largest institutional investors, alternative asset managers and debt and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 90 markets to help clients optimize efficiency, mitigate risk and enhance revenue through a broad range of investor services as well as securities clearance, collateral management and alternative investment services.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.  

Edited by: Erin Kello


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