J.P. Morgan gains securities lending mandate from Robeco
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J.P. Morgan gains securities lending mandate from Robeco 25 January 2018Rotterdam Reporter: Zsuzsa Szabo
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J.P. Morgan is set to extend its securities lending business, by signing an outsourcing deal with Dutch asset manager Robeco.
Under Robeco鈥檚 strategic plan for 2017-2021, it is outsourcing part of its operations and administration activities to the American banking behemoth.
J.P. Morgan will provide securities lending, transfer agency, fund accounting, operations, custody depositary for the Rotterdam-based asset manager.
The outsourcing process begins this month and will last up to two years.
J.P. Morgan promises that with its global network, it will provide operations activities to Robeco in multiple locations and time zones.
As part of the transition, about 70 Rotterdam-based employees will lose their positions once the process has been completed.
Gilbert Van Hassel, CEO of Robeco, said: 鈥淎s a consequence of the global playing field and increasing complexity, asset managers need a specialised operations provider with a global presence.鈥�
鈥淕iven the impact of this decision on our people, this is not a decision that we have taken lightly and we will implement the outsourcing with the greatest care for the people involved.鈥�
Van Hassel added: 鈥淗owever, we believe that outsourcing is a necessary step that will help us continue to deliver excellent service to our clients worldwide.鈥�
Ann Doherty, regional sales executive for Europe, the Middle East and Africa, investor services at J.P. Morgan, said: 鈥淲e are delighted to deepen our strategic partnership with Robeco and support its growth ambitions around the world by providing investment operations, custody and funds services.鈥�
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