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JP Morgan gets private equity fund administration contract for IFC job.

JP Morgan said it has been appointed by IFC Asset Management Company (AMC), a new wholly owned subsidiary of the IFC, a member of the World Bank Group, to provide outsourced private equity accounting and fund administration services.

AMC was established in 2009 to manage private equity funds comprising third-party capital. "The funds allow outside investors to benefit from IFC's expertise in achieving strong equity returns as well as development impact. The establishment of AMC marks the first time IFC is serving as a fund manager of third-party capital. Assets under administration for this mandate total $4 billion," JP Morgan said.

JP Morgan will provide AMC's IFC Capitalization Fund and IFC African, Latin American and Caribbean Fund with a set of services including: fund and partnership accounting, capital call and distribution management, treasury services, tax support services, waterfall development, carry plan administration and financial reporting.

Ruth Horowitz, the CAO of AMC said, "We believe that investments in emerging markets, especially frontier markets, represent a growing asset class that can bring increased diversification and long-term return opportunities to investors."

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Publication:CPI Financial
Date:May 16, 2010
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