Italian financial services firm Mediolanum has selected JP Morgan's Worldwide Securities Services to provide third party securities for a selection of its Luxembourg and Dublin domiciled funds.
JP Morgan said that it was appointed by Mediolanum following a rigorous selection process, which looked for risk management processes and a flexible model to support the funds’ demanding operating and reporting requirements.
Mediolanum said: “JP Morgan has demonstrated its stability and credentials during the crisis and is well positioned to support our complex securities lending needs. JP Morgan’s securities lending service offers a strong risk management framework.
“Their customized securities lending model meets our requirements for transparency and control over all aspects of the lending operation. We are pleased to expand our relationship with JP Morgan and look forward to a productive relationship.”
Paul Wilson, global head of client management and sales for Worldwide Securities Services’ financing and markets products division, said: “We are delighted that Mediolanum has selected JP Morgan to provide securities lending services to its funds.
“This partnership demonstrates JP Morgan’s significant growth in Europe in the provision of third party securities lending services. Clients are not only seeking high securities lending returns but also a provider with a proven track record in mitigating risk and providing transparency and control. JP Morgan is well placed to meet these needs regardless of where a client chooses to custody their assets.”