J.P. Morgan provides securities lending capabilities to Jackson
2nd November 2009 New York
Image: Shutterstock
J.P. Morgan has announced that it has been selected to provide global custody and securities lending services for the investment options that are available within the variable annuity and variable life insurance contracts offered by Jackson National Life Insurance Company("Jackson") and/or Jackson National Life Insurance Company of New York. The investment options in this mandate total approximately $38 billion of net assets as of September 30, 2009.
The review and appointment of J.P. Morgan was coordinated by Jackson National Asset Management, LLC ("JNAM") and approved by the Board of Trustees/Managers for the Funds. In addition to providing Jacksons investment options with investment advisory, fund accounting, fund administration and institutional transfer agency services, JNAM also offers fund accounting and administration services to mutual fund and investment management clients through Jackson Fund Services, a division of JNAM. JNAM and Jackson Fund Services' assets under administration exceed $49 billion as of September 30, 2009.
"To support Jacksons growth agenda, it is important to align with a trusted service partner who can best support our global custody and securities lending needs," said Mark Nerud, president of JNAM. "J.P. Morgans custody services deliver efficiencies, and the customized securities lending model met our requirements for transparency and control over cash collateral reinvestments. We are pleased to expand our partnership with J.P. Morgan and look forward to continuing a productive relationship that will help us continue to navigate challenging market conditions."
"We are excited to welcome Jackson to our global franchise," said Mark Kelley, asset gatherer segment executive for J.P. Morgan Worldwide Securities Services. "The investment manager segment is an important market for us, and the Jackson mandate is an excellent example of our ability to provide unique and creative service solutions for global fund managers."
Bill Smith, Western Hemisphere sales executive for securities lending, J.P. Morgan Worldwide Securities Services, commented: "This deal demonstrates our ability to leverage our firm-wide capabilities and industry expertise to deliver best-in-class solutions to clients. Our success with this complex transition required global coordination with our borrower network to immediately meet Jacksons collateral investment funding requirements. This firmly demonstrates that clients can move to J.P. Morgan in a market environment that remains challenging."
The review and appointment of J.P. Morgan was coordinated by Jackson National Asset Management, LLC ("JNAM") and approved by the Board of Trustees/Managers for the Funds. In addition to providing Jacksons investment options with investment advisory, fund accounting, fund administration and institutional transfer agency services, JNAM also offers fund accounting and administration services to mutual fund and investment management clients through Jackson Fund Services, a division of JNAM. JNAM and Jackson Fund Services' assets under administration exceed $49 billion as of September 30, 2009.
"To support Jacksons growth agenda, it is important to align with a trusted service partner who can best support our global custody and securities lending needs," said Mark Nerud, president of JNAM. "J.P. Morgans custody services deliver efficiencies, and the customized securities lending model met our requirements for transparency and control over cash collateral reinvestments. We are pleased to expand our partnership with J.P. Morgan and look forward to continuing a productive relationship that will help us continue to navigate challenging market conditions."
"We are excited to welcome Jackson to our global franchise," said Mark Kelley, asset gatherer segment executive for J.P. Morgan Worldwide Securities Services. "The investment manager segment is an important market for us, and the Jackson mandate is an excellent example of our ability to provide unique and creative service solutions for global fund managers."
Bill Smith, Western Hemisphere sales executive for securities lending, J.P. Morgan Worldwide Securities Services, commented: "This deal demonstrates our ability to leverage our firm-wide capabilities and industry expertise to deliver best-in-class solutions to clients. Our success with this complex transition required global coordination with our borrower network to immediately meet Jacksons collateral investment funding requirements. This firmly demonstrates that clients can move to J.P. Morgan in a market environment that remains challenging."
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