J.P. Morgan Worldwide Securities Services has been appointed by Cerberus Capital Management, L.P., one of the world's leading private investment firms, to provide fund administration and related securities services for its investment funds with aggregate assets of over $23 billion. The J.P. Morgan platform will be supplemented by certain back-office personnel of Cerberus who will become employees of J.P. Morgan.
"The transition of the services to a world class third-party administrator provides our firm strong infrastructure support and the independence preferred by our investors," said Jeffrey Lomasky, senior managing director and chief financial officer of Cerberus. "We are confident that J.P. Morgan has the capabilities to provide our firm and our investors with the independent, third-party administrative systems, infrastructure and support that are required in today's investment management environment."
"We are excited about establishing this relationship with an industry leader such as Cerberus," said Robert Caporale, head of new business development, Americas, J.P. Morgan Worldwide Securities Services. "We have made significant investments in our broad capabilities for servicing all aspects of alternative investments, including middle office and fund administration. With over $410 billion in alternative assets under administration, we have expertise in servicing open- and closed-ended hedge funds and private equity funds."
