J.P. Morgan Launches New Fund Tax Reporting Capability
London - J.P. Morganís Worldwide Securities Services business today announced it has launched a proprietary tax reporting system for calculating and reporting investment fund tax figures to fund promoters, distributors, tax advisors and cross border investors. J.P. Morganís tax reporting system is designed to support the rapidly changing tax reporting requirements in markets such as Germany and Austria.
Cross-border fund distribution has seen significant growth with the development of UCITS and increasingly requires the delivery of complex tax figures for end investors. Anticipating the need for capacity and flexibility as clients distribute in new markets, J.P. Morgan has made significant investment to develop the tax reporting system, which is fully integrated with J.P. Morganís fund accounting and distribution services.
Susan Ebenston, J.P. Morgan Global Fund Services Executive, said: ďJ.P. Morganís new fund tax reporting system has undergone rigorous testing and external audit review, and features automated data capture and detailed reporting to increase efficiency and mitigate risk for our clients and their tax advisors. Compliance with frequently changing tax reporting needs, and building capability for reporting in new markets, are critical to enabling our clients to maximize their distribution opportunities in the UCITS environment.Ē
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 J.P. Morgan Chase Bank, N.A. (NYSE: JPM), WSS leverages the firmís 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 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 worldís 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.
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