(Source: Business Wire)
J.P. Morgan today announced that it has been selected to provide global
custody and securities lending services for the investment options that
are available within the variable annuity and variable life insurance
contracts offered by Jackson National Life Insurance Company®
("Jackson®") and/or Jackson National Life Insurance Company
of New York®. The investment options in this mandate total
approximately $38 billion of net assets as of September 30, 2009.
The review and appointment of J.P. Morgan was coordinated by Jackson
National Asset Management, LLC ("JNAM") and approved by the Board of
Trustees/Managers for the Funds. In addition to providing Jackson's
investment options with investment advisory, fund accounting, fund
administration and institutional transfer agency services, JNAM also
offers fund accounting and administration services to mutual fund and
investment management clients through Jackson Fund Services®,
a division of JNAM. JNAM and Jackson Fund Services' assets under
administration exceed $49 billion as of September 30, 2009.
"To support Jackson's growth agenda, it is important to align with a
trusted service partner who can best support our global custody and
securities lending needs," said Mark Nerud, president of JNAM. "J.P.
Morgan's custody services deliver efficiencies, and the customized
securities lending model met our requirements for transparency and
control over cash collateral reinvestments. We are pleased to expand our
partnership with J.P. Morgan and look forward to continuing a productive
relationship that will help us continue to navigate challenging market
conditions."
"We are excited to welcome Jackson to our global franchise," said Mark
Kelley, asset gatherer segment executive for J.P. Morgan Worldwide
Securities Services. "The investment manager segment is an important
market for us, and the Jackson mandate is an excellent example of our
ability to provide unique and creative service solutions for global fund
managers."
Bill Smith, Western Hemisphere sales executive for securities lending,
J.P. Morgan Worldwide Securities Services, commented: "This deal
demonstrates our ability to leverage our firm-wide capabilities and
industry expertise to deliver best-in-class solutions to clients. Our
success with this complex transition required global coordination with
our borrower network to immediately meet Jackson's collateral investment
funding requirements. This firmly demonstrates that clients can move to
J.P. Morganin a market environment that remains challenging."
About J.P. Morgan Worldwide Securities Services
J.P.
