Old Mutual Asset Managers (SA) And JPMorgan Reach Outsourcing Agreement
Cape Town, 18 December 2006 – Old Mutual Asset Managers, South Africa (OMAM (SA)) and JPMorgan Worldwide Securities Services today announced that they have reached agreement for the outsourcing of OMAM (SA)’s investment administration operations to JPMorgan’s Worldwide Securities Services business in South Africa.
The outsourcing will include core investment administration services; including trade support, fund accounting and reporting, which are expected to be transferred to JPMorgan by the end of next year. Under the terms of the agreement, JPMorgan will take on a number of OMAM (SA)’s employees who will become an integral part of JPMorgan’s activities in the region.
Conrad Kozak, global head of JPMorgan Worldwide Securities Services’ securities company, said, “JPMorgan is excited by the opportunity to work with Old Mutual in this capacity. Our platform and comprehensive product suite fits perfectly with Old Mutual’s growing investment operations needs. We look forward to finalizing the migration and embarking on a mutually beneficial, long term business relationship with South Africa’s leading asset manager.”
Henk Beets, Chief Operating Officer at Old Mutual Asset Managers (SA), said, “OMAM (SA) is pleased to have concluded this agreement with JPMorgan Worldwide Securities Services. The outsourcing of our investment administration services will allow OMAM (SA) to focus on its core business of maximising investment returns for clients. The appointment of JPMorgan as a leading professional global service provider will enhance our administration capacity through securing ongoing access to world-class technology, and mitigate administration risks, which will also benefit our clients. We look forward to a productive business relationship with JPMorgan.”
About Old Mutual Asset Managers (SA)
Old Mutual Asset Managers (OMAM) is the largest private asset manager in South Africa with R370 billion in assets under management as at September, 2006 and is a part of the Old Mutual Plc Group. For more information, please visit www.omam.co.za.
About Old Mutual Plc
Old Mutual is an international financial services company focusing on asset accumulation and asset management. It has significant operations in its South African heartland, the United States, the United Kingdom, Sweden and in a number of other countries in Europe, Asia and Latin America.
As well as being the leading life assurer in South Africa, Old Mutual is now the 7th largest life assurer in Europe and employs nearly 50,000 people. The group is currently ranked in the top 40 in the FTSE 100 largest companies listed on the London Stock Exchange.
Globally, Old Mutual had funds under management of ₤222 billion at 30 September 2006.
About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $12.9 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. For more information, please visit www.jpmorgan.com/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 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.
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