JP Morgan Chase & Co has announced its new head for global investment Service Unit, titled with offering hedge fund services. As reported by Wall Street Journal, the United states bank has hired the services of Mr. James Ferguson as its global investment head. The hiring is of great importance, as the bank has shown its aspiration to become the leading company in servicing clients.
The Alternate Investment Services unit emphasize initially on administration, hedge mutual funds accounting and equity clients. The unit is also accountable of sedentary within the care and fund services unit of JP Morgan investment business. Mr. Ferguson is appointed at the place of Stephanie Miller, who was global fund services head.
Before his appointment, Mr. Ferguson was in the management team of global fund services. He has got 14 years of experience working in management team and was accountable for leading business and control efforts. His job description in his new position was related to “Define strategies, offering products, market reporting, prioritizing investments, and whole business and Profit and loss decisions”
The global fund service unit is of extreme importance to the bank and it’s among the three pillars of Morgan investor service unit. It has a total value of $20 trillion and rank after the financing unit of the United States bank. Moreover, Chief Executive Officer of the Bank, Daniel Pinto guaranteed the investors that the unit houses are worthy of praise. He stated that 10% of revenue has been declined since 2012 and other costs have declined by 2%.
He further said, “This is a business with a primary focus of to keep rising but also to find accessible solutions for clients that make their overall efficacy ratio for their business better than it is today. It is a good business, it is profitable, but as we what we can do here I think we can move it towards more profitability,”
The investment bank is primarily focusing on substitute clients for enticing business, and Mr. Ferguson appointment is most likely to help the bank to go in same direction. The New York based bank professed the importance of improving profitability and introduction of investment services being a market leader.
Mr. Pinto also explained investors that after witnessing a growth of 70% the financing and prime brokerage unit has progressed to $170 billion worth of entity. Moreover, in the global prime brokerage ranking JP Morgan is now at second position from its previous ranking of ninth.