JPMorgan is to wind up its fund transfer agency business in the UK.
The US investment bank offers a range of fund administration services to UK and international fund managers but will no longer act as ‘transfer agent’ for UK-based funds. This role includes maintaining records of individual investors and processing mailouts and voting forms.
JPMorgan declined to comment on the closure of the business but Investment Adviser understands the transfer agency part of the business had become too small.
Cazenove Capital’s funds are due to swap transfer agents from JPMorgan to IFDS in March as part of the company’s integration into Schroders. IFDS already provides administration services to most of the UK’s biggest fund managers including M&G Investments, Threadneedle, Henderson Global Investors and Aberdeen.