JPMorgan Is First 3rd Party Administrator In Luxembourg To Reach $300 Billion Mark

JPMorgan Bank Luxembourg S.A. today announced it is the first 3rd party Luxembourg fund administrator to have $300 billion of assets under administration and is the largest custodian and fund administrator in Luxembourg, according to the latest figures from Fitzrovia, the independent data firm. As at the end of first quarter 2007, JPMorgan’s Luxembourg assets under administration were $319 billion and assets under custody were $431 billion. Susan Ebenston, head of International Fund Services products at JPMorgan Worldwide Securities Services, said, “Our Luxembourg business experienced another year of strong growth driven by UCITS III and an increase in global demand. Our commitment to the market and successful partnerships with many of the world’s leading fund managers has enabled us to be the first service provider to have more than $300 billion of assets under administration and the first to have more than $400 billion of assets under custody.”

JPMorgan has been in Luxembourg for 34 years, and has grown significantly following the implementation of UCITS (Undertakings for the Collective Investment of Transferable Securities). The business employs 500 staff, with representatives of 25 different nationalities.