US bank JP Morgan Chase has set up a London office for its private equity fund services business, as it looks to expand into Europe and the Middle East.
The bank has recruited Huw Jones to head the London office. Jones, a chartered accountant, was previously the finance director at Cambridge-based biotechnology venture capital firm Avlar Bioventures.
The fund administration business provides services like investor tracking, fund accounting, tax support services and investor reporting. It also provides portfolio administration services to limited partners who want help in the management and reporting of their portfolios.
Traditionally there has been resistance in Europe to outsourcing these services, with many private equity firms choosing to do such work in-house instead.
However, JP Morgan spokeswoman Juliana Wheeler said: “Funds are finding that the demands from their investors, who want more disclosure, have increased their need for technology and experienced people in this area.”
JP Morgan started its US funds services business in 2005. It has over $100 billion (€74 billion) in assets under administration.