UK/US - J P Morgan Investor Services says it has been awarded a mandate to provide a “wide range of services” to OppenheimerFunds Inc.’s mutual fund assets – though it declined to say how much the deal was worth.
“OppenheimerFunds has always had a great relationship with J P Morgan on the retail side of the house,” said OppenheimerFunds’ treasurer Brian Wixted. “J P Morgan offers a diverse and robust wholesale platform that is essential to our business needs.”
Morgan will provide a wide range of services to more 35 billion dollars in OppenheimerFund assets. A J P Morgan spokesperson declined to comment on the value of the mandate.
“This new mandate solidifies J P Morgan’s position as a service provider to eight of the top 10 mutual fund companies,” said Tom Swayne, business executive, J P Morgan Investor Services.
J P Morgan Investor Services is part of J P Morgan Chase Bank. J P Morgan Fleming Asset Management runs 22.4 billion dollars in European pension fund assets.
US-based mutual fund firm OppenheimerFunds manages more than 120 billion dollars in assets and is part of MassMutual Financial Group. Separately, Oppenheimer said that its founder and chairman Leon Levy will retire at the end of the year. He is to be replaced by Clayton Yeutter.