JPMorgan’s Private Equity Fund Services division will import a full-time client contact person from New York to Sydney early next year, acting on feedback that several of its large super fund clients need better administration of their growing private capital portfolios.
The division will first offer its portfolio administration service for private equity fund-of-funds or super funds, as it is able to be integrated straight into the global Investrans platform which JPMorgan has developed with Sungard over the past eight years. JPMorgan Private Equity Fund Services was born out of the 140 people left in the backoffice when the bank’s private equity team went out on their own last year, forming CCMP Capital Advisors. According to global head of the division, Albert Foreman, this gives the team a private equity pedigree which enhances manager contacts, and gives it the know-how to model the more complicated aspects of the asset class, such as the uncertain ongoing performance fees payable to managers still following the ‘deal-by-deal carry basis’ fee structure. JPMorgan Investor Services’ head of marketing, Bryan Gray, said there were currently about half a dozen Australian clients large enough to be interested in the private equity service. The client contact staffer to be based here is Amy Newlan, an assistant vice president to Albert Foreman. State Street Investor Services has already presented its PrivateEdge private capital portfolio administration service to Australian super funds.
The brunt of losses from the LA wildfires are expected to be borne by primary insurers and high-risk reinsurance programs, but super funds are nevertheless closely monitoring the possible impact of the fires on catastrophe bond and insurance-linked securities exposures.
Simon HoyleJanuary 17, 2025
