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JPMorgan Hedge Fund Services wins administration mandate for FRM funds

JPMorgan Hedge Fund Services has been appointed to provide fund administration and custody services to funds of hedge funds managed by Financial Risk Management, which has a portfolio totalling more than USD10bn in assets. JPMorgan will provide fund accounting, financial reporting, transfer agency, partnership allocation and custody services.

JPMorgan is seeking to build on its existing business providing custody and related services to hedge funds and traditional asset management firms by increasing its focus on the fund of hedge funds industry. It has developed highly automated administrative and custodial products specifically designed for funds of hedge funds and that are being used by FRM.

'FRM's history of leadership, investment performance and innovation in the fund of hedge funds market makes it an ideal partner for us,' says Robert Caporale, global head of JPMorgan Hedge Fund Services.

FRM group chief executive Brian Robinson says: 'The appointment of JPMorgan reflects our desire to consolidate our fund services business with a leading industry provider that can serve our investors globally. JPMorgan Hedge Fund Services has operations in five countries with plans to increase them, so we think that it is in the best position to service our funds and investors worldwide.'

JPMorgan Hedge Fund Services offers hedge funds and funds of hedge funds independent fund administration, custody and middle- and back-office services, as well as full outsourcing of day-to-day fund administration. It provides services to more than 240 funds with some USD75bn in assets under management from offices in Bermuda, Boston, Dublin, Greenwich, Hong Kong, London and Luxembourg.

FRM is a global fund of hedge funds group managing USD13bn for institutional investors. Founded in 1991, FRM has more than 200 employees in offices in London, New York, Tokyo, Sydney and Guernsey.

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