J.P. Morgan Completes Successful Transition For APG’s Emerging Market Assets
APG retains J.P. Morgan as global custodian for emerging market assets
Amsterdam, - J.P. Morgan’s Worldwide Securities Services business today announced the successful transition of $12.5 billion in emerging market assets for APG, the Dutch pension administrator and asset manager, in one of the biggest transitions of its kind. The transaction builds on J.P. Morgan’s ability to execute complex transactions, as well as its long-standing relationship with APG, for which it provides investment banking, asset management and treasury and securities services, such as global custody and fund accounting.
The transferred assets are invested in over 30 emerging markets, making it one of the biggest and most complex transitions due to the tax, legal and multiple market implications that were managed. The assets were transferred into a newly-created entity, the APG Emerging Markets Equity Pool, an FGR structure which is part of the integral investment proposition that APG offers as a third-party asset manager.
Separately, APG has retained J.P. Morgan as its global custodian for their emerging market assets.
Francis Jackson, Managing Director, J.P. Morgan Worldwide Securities Services in Europe, Middle East and Africa, said: “We are delighted to extend our relationship with APG, and are extremely proud of the cooperation between the respective teams at J.P. Morgan and APG who worked together to make this transaction a success. We have a growing custody franchise in the Dutch market, which is an important part of our European business and one in which we anticipate continued strong growth in the coming years.”
Ruud Gilissen, Managing Director, Client and Fund Administration at APG, said: “The team at J.P. Morgan has extensive experience with complex transitions and we were pleased with the speed and efficiency with which the transition was performed. In addition, we are delighted to have retained J.P. Morgan as our global custodian for these emerging market assets.”
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 business of JP Morgan Chase & Co., WSS leverages the firm’s global scale, leading technology and deep industry expertise to service investments around the world. It has $16.9 trillion in assets under custody and $7.5 trillion in funds under administration. For more information, go to www.jpmorgan.com/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 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 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.
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