JPMorgan Expands Boston Operations
New York - JPMorgan Worldwide Securities Services is expanding its Fund Services operation in Boston.
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 Fund Services has $3.3 trillion in assets under management globally. 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.
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