JPMorgan Worldwide Security Services, the fund services giant of New York-based JPMorgan Chase, has launched a new business unit that will offer a complete line of outsourced fund administration services to private equity firms and institutional limited partners.

According to company officials, its newly formed JPMorgan Private Equity Fund Services will provide middle- and back-office outsourcing of fund administration services, like fund and partnership accounting, tax support and reporting services to private equity firms and limited partners. Complementary services, such as transaction advisory, cash management, credit products, escrow, custody, foreign exchange and derivatives will also be provided to private equity clients.

"[It] is a logical addition to our alternative asset service offerings and clearly demonstrates our ability to anticipate and fulfill clients' needs for innovative products and solutions," said Michael K. Clark, head of JPMorgan Worldwide Security Services.

JPMorgan officials said it was devoting more than 100 employees with decades of experience in private equity accounting and operations to the new group. Most of them came from an existing private equity group at JPMorgan, while the others are new hires.

Operations and technology dedicated to the new private equity group will be entirely separate from the mutual fund functions that JPMorgan offers.

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