J.P. Morgan Worldwide Securities Services announced that it has been appointed by True North Management Group LLC to provide real estate fund administration services for its True North High Yield Investment Fund II which closed in April 2010 with $330 million of equity commitments and is expected to finish with $500-$600 million of equity commitments.
Desmond McGowan, CFO of True North, said: "When we decided to outsource the administration for our real estate fund, we searched for a provider with an offering specifically designed for real estate managers. J.P. Morgan's unique services will provide strong administrative controls, ensure investor confidence and provide effective transparency, enabling us to focus on our investment activities."
Robert Caporale, head of new business development -- Americas, J.P. Morgan Worldwide Securities Services, said: "Our innovative outsourced real estate and infrastructure solutions leverage our extensive expertise, powerful technology and proven processes. Recognizing the call for greater transparency in reporting, we are pleased to offer True North our market-leading service for real estate fund sponsors."
