The unit will serve hedge funds and asset managers seeking a combination of prime brokerage capabilities and securities services, according to the announcement.
The firm said its 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. Among other benefits, the announcement said, J.P. Morgan’s integrated approach is designed to streamline client onboarding, improve execution and collateral management, reduce financing costs, and consolidate reporting.
Devon George-Eghdami is managing director and head of the new unit. Previously the head of Hybrid Capital Trading, George-Eghdami is based in New York and will report jointly to Michael Minikes, CEO of J.P. Morgan Clearing Corp. within Prime Services, and Sandie O’Connor, global head of Financing and Markets Products within Treasury & Securities Services.
More information is at www.jpmorganchase.com .
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