NEW YORK - (Business Wire) J.P. Morgan today announced that it has been selected to provide global custody and securities lending services for the investment options that are available within the variable annuity and variable life insurance contracts offered by Jackson National Life Insurance Company® (“Jackson®”) and/or Jackson National Life Insurance Company of New York®. The investment options in this mandate total approximately $38 billion of net assets as of September 30, 2009. The review and appointment of J.P. Morgan was coordinated by Jackson National Asset Management, LLC (“JNAM”) and approved by the Board of Trustees/Managers for the Funds. In addition to providing Jackson’s investment options with investment advisory, fund accounting, fund administration and institutional transfer agency services, JNAM also offers fund accounting and administration services to mutual fund and investment management clients through Jackson Fund Services®, a division of JNAM. JNAM and Jackson Fund Services’ assets under administration exceed $49 billion as of September 30, 2009.
“To support Jackson’s growth agenda, it is important to align with a trusted service partner who can best support our global custody and securities lending needs,” said Mark Nerud, president of JNAM. “J.P. Morgan’s custody services deliver efficiencies, and the customized securities lending model met our requirements for transparency and control over cash collateral reinvestments. We are pleased to expand our partnership with J.P. Morgan and look forward to continuing a productive relationship that will help us continue to navigate challenging market conditions.”
“We are excited to welcome Jackson to our global franchise,” said Mark Kelley, asset gatherer segment executive for J.P. Morgan Worldwide Securities Services. “The investment manager segment is an important market for us, and the Jackson mandate is an excellent example of our ability to provide unique and creative service solutions for global fund managers.”
Bill Smith, Western Hemisphere sales executive for securities lending, J.P. Morgan Worldwide Securities Services, commented: “This deal demonstrates our ability to leverage our firm-wide capabilities and industry expertise to deliver best-in-class solutions to clients. Our success with this complex transition required global coordination with our borrower network to immediately meet Jackson’s collateral investment funding requirements. This firmly demonstrates that clients can move to J.P. Morgan in a market environment that remains challenging.”
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, N.A. (NYSE: JPM), WSS leverages the firm’s unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $14.9 trillion in assets under custody and $5.1 trillion in funds under administration. For more information, go to www.jpmorgan.com/visit/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM), is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Jackson National Asset Management, LLC
With $49 billion in assets under administration (as of September 30, 2009), Jackson National Asset Management, LLC is a provider of investment advisory, fund accounting, fund administration and institutional transfer agency services for 94 multi-class mutual funds as well as eight separate accounts that support Jackson's variable annuity and variable life insurance products.
About Jackson National Life Insurance Company
With nearly $77 billion in assets*, Jackson National Life Insurance Company is an industry leader in variable, fixed and fixed index annuities. The company also offers life insurance and institutional products. Jackson markets its products in 49 states and the District of Columbia through independent and regional broker-dealers, financial institutions and independent insurance agents. Jackson’s subsidiary, Jackson National Life Insurance Company of New York®, similarly markets products in the state of New York. Through its affiliates and subsidiaries, Jackson also provides asset management and retail brokerage services. For more information, visit www.jackson.com.
*Jackson has nearly $77 billion in total IFRS assets and nearly $68 billion in IFRS policy liabilities set aside to pay primarily future policyowner benefits (as of 6/30/09). International Financial Reporting Standards (IFRS) is a principles-based set of international accounting standards indicating how transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board in an effort to increase global comparability of financial statements and results. IFRS is used by Jackson's parent, Prudential plc, to report the Group's financial results.
JPMorgan Chase & Co.
John Johmann, +1-212-270-8371
john.johmann@jpmorgan.com
