J.P. Morgan Chase & Co. yesterday announced that it has combined its investor and issuer services capabilities under the name J.P. Morgan Worldwide Securities Services.
"The integrated franchise brings together the former J.P. Morgan Investor Services and Institutional Trust Services businesses, and will provide custody and investor services as well as securities clearance and trust services to clients globally," the firm said in a prepared statement.
The two businesses combined generate over $3 billion in annual revenue, hold $9.1 trillion in assets under custody, and service $6.7 trillion in debt and $250 billion in equities worldwide, the statement said.
J.P. Morgan Worldwide Securities Services will also be grouped under J.P. Morgan Treasury and Securities Services, the firm's global transaction processing and information services franchise, which will have two core businesses. The other business it will house is J.P. Morgan Treasury Services.
"Our commitment to growing our securities services business through a relentless focus on clients is a top priority," said Heidi Miller, chief executive officer for J.P. Morgan Treasury and Securities Services. "We will continue to invest in technology and product development to drive business growth and increasingly provide innovative solutions to clients."
"We are exceptionally well positioned to offer clients the most complete and innovative arsenal of products and services," said Michael Clark, head of J.P. Morgan Worldwide Securities Services.
Worldwide Securities Services operates through four business units, the statement said. The securities group includes global custody, fund services, and outsourcing. It is headed by Neil Henderson. The clearance unit includes American depository receipts, clearance and collateral management, securities collateral management, and government and equity services. It is headed by Liz Nolan.
The securities lending and market products unit is headed by Avi Stein. The trust unit includes global debt and asset servicing, and is headed by Diane Eshleman.
