JP Morgan to buy Schroders PE services business
JP Morgan has signed an agreement to purchase Schroders' private equity administration business, as part of the build up of its JPM Worldwide Securities Services (WSS) unit.
Schroders' private equity administration business was initially set up to provide services to Schroder Ventures, an in-house private equity business that is no longer part of the Schroders Group. The service was later extended to provide third-party services to other private equity groups.
The deal will see JP Morgan, add $6.2bn to its current $225bn in assets under administration. The agreement is subject to regulatory approval.
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