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JP Morgan creates integrated prime brokerage and custody group.

Byline: (Staff Writer)

JP Morgan has set up the Prime-Custody Solutions Group, a team responsible for delivering the firm's integrated prime brokerage and custody platform to clients. The unit will serve hedge funds and asset managers seeking a combination of prime brokerage capabilities and securities services.

Devon George-Eghdami, Managing Director and head of the new unit, previously the head of Hybrid Capital Trading, is based in New York and 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.

JP Morgan's creation of the Prime-Custody Solutions Group comes at a time when hedge funds are launching long-only funds and seeking structures that allow them to house certain assets with custodians, while traditional asset managers are executing long/short strategies that require financing through a prime broker. JP Morgan said the integrated approach is designed to streamline client onboarding, improve execution and collateral management, reduce financing costs, and consolidate reporting.

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Publication:CPI Financial
Date:Sep 10, 2009
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