U.K. Hedge Manager Hires JPMorgan Unit

Henderson Global Investors, a London asset manager, has just announced it has agreed to outsource its middle- and back-office hedge fund services to JPMorgan Hedge Fund Services.

The JPMorgan Chase unit is to take over Henderson's hedge fund middle- and back-office operation and its employees who serve 14 hedge funds with about $2 billion of assets. Henderson, which manages $126.3 billion in all, signed a multiyear contract for daily operational services and fund administration.

The agreement came two months after JPMorgan bought the middle- and back-office operations of Paloma Partners Management in Greenwich, Conn., in order to expand its hedge fund services business.