[ IN DEPTH | JP MORGAN SECURITIES SERVICES ]
“ The fact that I ’ m based in Dublin in a European time zone will help to cover the time zones better , given I ’ m in the middle of the US and APAC .”
capabilities over the last seven to eight years , successfully building out the franchise . We ’ ve also seen huge growth in fund accounting , ETFs , alternatives , trading services , and our middle-office franchises . For example , in alternatives , our assets under administration more than doubled in that business , following a replatforming . We have also won and successfully onboarded some of the biggest ever transitions in the history of the industry .”
A new chapter The new era under Fitzgerald also coincides with a new chapter for JP Morgan as an organisational alignment – which has been in the works for some time – has led to the bank bringing together its markets and securities services units under the leadership of Marc Badrichani and Troy Rohrbaugh , who will co-head the unit . The rationale behind the combination is largely down to mutual clients , the leveraging of technology across both divisions to deliver solutions at scale and the ability to support increasingly complex portfolios across asset classes . After all , when you have a key client like
BlackRock , it ’ s imperative to be able to manage complex , large-scale solutions , and the bank has always benefited from having such a large markets business alongside its securities services division . “ When it comes to combining markets and securities services , the case is fairly compelling ,” Fitzgerald explains . “ Markets and securities services are highly complementary businesses , so aligning them together in a single unit can unlock further synergies . After all , there is 100 % overlap on our client base – being asset managers and asset owners . “ The markets and securities services sales teams are already aligned and I think the key to our success here is we ’ ve been leveraging a lot of the markets derivatives technology . We ’ ve been doing that successfully for years and that ’ s a big competitive advantage for us because our peers don ’ t have this huge markets division that ’ s the biggest derivatives house in the world . So , to be in a position to leverage that technology in our securities services business is a big differentiator . And then on the flipside , Markets have started to use Fusion technology to distribute their data . There are more synergies to unlock over time to build on that story .”
Billion-dollar quarters JP Morgan ’ s revenues have been on a positive trajectory over the past 12 months , in particular , aligned with some of the top performers in the industry . The business brought in $ 1.1 billion during Q1 this year – a milestone it seems to be making
32 Global Custodian Sibos Special 2023