JPMorgan Announces Changes to UK Investment Operations Outsourcing Project

NEW YORK and LONDON, July 1 /PRNewswire/ -- JPMorgan Chase & Co. (NYSE: JPM) today announced that the UK investment operations services currently provided by JPMorgan to Schroders on its operating platforms will be transferred to Schroders.

Since 2000, JPMorgan and Schroders collaborated on development of a new operating platform to support Schroders' investment operations. After a rigorous review, the firms concluded that their individual operating models are no longer sufficiently aligned to continue the investment operations outsourcing project effectively. JPMorgan will make a payment to Schroders of approximately GBP20 million.

The mutual decision on this project does not affect any other aspects of the long-standing relationship shared by JPMorgan and Schroders. JPMorgan will continue in its existing relationship to support the Schroders franchise for custody, accounting and other services.

JPMorgan is a leading innovator in investment operations outsourcing. The firm recently achieved the successful completion of other outsourcing transactions in the marketplace, and views the full scope of outsourcing services as a critical component of its offering to clients worldwide.

"We value our long-standing relationship with Schroders and we will continue to work together to add value to both firms," said Michael Clark, head of JPMorgan Worldwide Securities Services. "This mutual decision positions JPMorgan's business for long-term growth through a relentless focus on delivering value to clients."

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of US$1.2 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.

JPMorgan Media Contacts: Judy Miller [phone] [e-mail] Clare MacKinney [phone] [e-mail]