Nationwide Funds Group has tapped JPMorgan for fund accounting, administration and
transfer agency services.
JPMorgan already provides Nationwide with global custody and securities lending services.
In a press release issued Wednesday, Nationwide Funds Group chief operating officer Stephen Grugeon said Nationwide considered three key criteria in its search for a provider.
"A fully integrated solution that would streamline operations and help mitigate risk; market-leading technology to support data integrity and changing market demands; and a partner with a strong balance sheet able to withstand the test of various market cycles, ensuring the stability of our ongoing business and maintaining continued strategic investments that will help us to serve our clients," he said.
Nationwide Funds Group has $32 billion in assets in its 92 mutual funds.
Company Press Release
NEW YORK, March 31, 2010 – J.P. Morgan announced today that it has been mandated to expand mutual fund services provided to Nationwide Funds Group (NFG), the asset management business of Nationwide Financial Services, Inc. NFG manages $32 billion in assets in its 92 mutual funds, with approximately 265,000 shareholder accounts.
J.P. Morgan previously provided NFG with global custody and securities lending services. It will now add fund accounting, fund administration and transfer agency services to provide a complete back-office solution for NFG.
"To support Nationwide's growth agenda, we felt it was important to align with a strong service provider," said Stephen T. (Tim) Grugeon, Chief Operating Officer of Nationwide Funds Group. "We looked for three key criteria from a provider: a fully integrated solution that would streamline operations and help mitigate risk; market-leading technology to support data integrity and changing market demands; and a partner with a strong balance sheet able to withstand the test of various market cycles, ensuring the stability of our ongoing business and maintaining continued strategic investments that will help us to serve our clients. J.P. Morgan was able to exceed in all of these areas."
Mark Kelley, global asset gatherer segment executive for J.P. Morgan Worldwide Securities Services, said “Delivering comprehensive solutions to asset managers is a primary focus. The Nationwide mandate marks our third recent major insurance asset manager client win. We are extremely pleased to align with a leader in the insurance industry and welcome Nationwide to our global franchise. This relationship demonstrates our ability to leverage our firm-wide capabilities and industry expertise to deliver best-in-class solutions to clients. By delivering an integrated servicing solution to NFG, we allow them to more fully access the information and data they require across multiple business functions.”
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About Nationwide Funds Group
Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services, Inc. (NFS). Based in King of Prussia, Pa., a suburb of Philadelphia, NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, N.A. (NYSE: JPM), WSS leverages the firm’s unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $14.9 trillion in assets under custody and $6.5 trillion in funds under administration. For more information, go to www.jpmorgan.com/visit/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM), is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.