Magazine article American Banker

JPM Unit's Managed Account Push

Magazine article American Banker

JPM Unit's Managed Account Push

Article excerpt

JPMorgan Investor Services announced Wednesday that it has expanded its outsourcing team to sell managed account administration to other financial companies.

Virginia Meany, a global fund services product executive in the New York-based division of J.P. Morgan Chase & Co., said the unit plans to sign up its first clients in 2005 and be among the leaders in outsourcing services to other financial companies within five years.

"We are very much looking at the marketplace where we have historically played in, and there is a lot of interest on the part of the small and the regional banks," Ms. Meany said.

"There are a lot of people looking for more efficient, well managed solutions for their managed account back offices," she said. "We are very actively engaged with a number of prospects and a number of existing clients about expanding their business with us."

The company said Wednesday that it has hired Steve Boyle to be the director of managed account operations and Brett Rainey to be a vice president of managed account operations.

Mr. Boyle, who is based in Brooklyn, N.Y., is responsible to develop and direct the operational infrastructure supporting JPMorgan's managed account servicing platform. His more than 20 years of financial services experience includes the past seven years as director of operations for Bear Stearns' managed account program.

Mr. Rainey, who is based in Boston, is responsible for the operations that support the managed account business. He had established the operations department for the new managed account servicing team at MFS Investment Management in Boston.

Ms. Meany said she expects to hire 15 to 30 more people as customers are signed up.

"In 2005 we expect to have our first two to three clients," she said. "Our goal is to get those clients on board and to build out the team led by Brett and Steve. …

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