JP Morgan acquires majority share in FundsHub
EUROPE – JP Morgan has acquired a majority shareholding in FundsHub, Europe’s first outsourced fund supermarket solutions provider.
JP Morgan will take over the shares, for an undisclosed amount, from FundsHub’s founding shareholder, Investia, a financial services solutions and software company.
However, under the terms of the deal, FundsHub’s management and employees will also take an increased stake in the business and will work closely with JP Morgan.
FundsHub was launched almost two years ago to provide outsourced technology and operations solutions for the fund distribution industry, targeting mainly retail banks, building societies and brokers across Europe.
It currently has three clients: Charcol Online in the UK, Gothaer in Germany and UK group Old Mutual’s multi-manager fund division, Selestia.
Says Mark Tennant, senior vice president of JP Morgan Investor Services: “This additional commitment to FundsHub is evidence of our continuing belief in the increasingly important role that funds supermarkets will play in Europe as open architecture becomes the norm.”
Mark Lund, chief executive of FundsHub, adds: “This new ownership structure will secure our future and ensure our success.”