UK – JP Morgan has confirmed that it has made another hedge fund outsourcing agreement.

IPE reported earlier this month that it was on the verge of signing up a UK-based hedge fund manager.

Bhagesh Malde, global business head for hedge fund services at JP Morgan Worldwide Securities Services, had told IPE that the transaction would be along similar lines to the recent Paloma deal.

The bank today said its hedge fund services arm has entered into an agreement with Henderson Global Investors to outsource the middle and back office services for its hedge funds.

Under the agreement, JP Morgan HFS will take over Henderson’s hedge fund middle and back office, and its employees, which service 14 hedge funds representing approximately $2bn of assets.

“Henderson has signed a multi-year contract for JP Morgan HFS to provide daily operational services and fund administration for their hedge funds,” a statement said.

The deal comes two months after JP Morgan acquired the middle and back office operations of Connecticut-based Paloma Partners.

“We believe the outsourced administration market is now mature enough for us to make a step change in the way we administer these highly complex products,” said Henderson operating chief Shirley Garrood.

“Our aim was to find a sustainable solution for a fast growing part of our business which allows us to build and launch new funds quickly into the market.”

Elsewhere, Henderson Global said it has hired Eila Matt to spearhead its North American hedge fund efforts.
She joins from Ritchie Capital Management, where she was a managing director responsible for marketing and client servicing.

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