J.P. Morgan’s Worldwide Securities Services business has successfully transitioned $12.5 billion in emerging market assets for APG, the Dutch pension administrator and asset manager, in one of the biggest transitions of its kind. The transaction builds on J.P. Morgan’s ability to execute complex transactions, as well as its long-standing relationship with APG, for which it provides investment banking, asset management and treasury and securities services, such as global custody and fund accounting.
The transferred assets are invested in over 30 emerging markets, making it one of the biggest and most complex transitions due to the tax, legal and multiple market implications that were managed. The assets were transferred into a newly-created entity, the APG Emerging Markets Equity Pool, an FGR structure which is part of the integral investment proposition that APG offers as a third-party asset manager.
Separately, APG has retained J.P. Morgan as its global custodian for emerging market assets.
Francis Jackson, managing director, J.P. Morgan Worldwide Securities Services in Europe, Middle East and Africa, said: “We are delighted to extend our relationship with APG, and are extremely proud of the cooperation between the respective teams at J.P. Morgan and APG who worked together to make this transaction a success. We have a growing custody franchise in the Dutch market, which is an important part of our European business and one in which we anticipate continued strong growth in the coming years.”
Ruud Gilissen, managing director, client and fund administration at APG, said: “The team at J.P. Morgan has extensive experience with complex transitions and we were pleased with the speed and efficiency with which the transition was performed. In addition, we are delighted to have retained J.P. Morgan as our global custodian for these emerging market assets.”
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