To serve hedge funds and asset managers seeking a combination of prime brokerage capabilities and securities services
JP Morgan has formed Prime-Custody Solutions group, a team responsible for delivering the firm’s integrated prime brokerage and custody platform to clients.
Reportedly, the unit will serve hedge funds and asset managers seeking a combination of prime brokerage capabilities and securities services.
The company has said that its integrated approach is designed to streamline client on boarding, improve execution and collateral management, reduce financing costs, and consolidate reporting.
Devon George-Eghdami, managing director and head of the new unit will report jointly to Michael Minikes, CEO of JP Morgan Clearing within Prime Services, and Sandie O’Connor, global head of financing and markets products within treasury & securities services.
Ms. Eghdami said: “Challenging market conditions have underscored the importance of partnering with a prime brokerage that can safeguard assets in a separate depository. Building on our industry-leading prime brokerage and custody businesses, we are expanding our product offering and delivering those shared benefits to clients in a more efficient manner.”