1 July 2010 Insurance

Bermuda asset manager unchanged by takeover

Schroders has confirmed that its asset management business will continue in Bermuda following its acquisition by J.P. Morgan.

The company will also continue to do business with the Bermuda’s insurance companies, bosses said.

Paul Forshaw, Schroders head of insurance asset management, said: “Our focus is on developing our investment management relationships with Bermuda’s insurance community.

“The island’s insurance companies increasingly require better investment returns and more capitalefficient portfolios.

Our investment teams have delivered outstanding performance across a range of asset classes, and we have the expertise to design, manage and service capital efficient portfolios.” J.P. Morgan Worldwide Securities has agreed to buy the private equity administration services business of Schroders. There are around 50 employees, of whom half are based within the private equity services.

The London-based global asset management firm—which has had a presence in Bermuda for 50 years—has about $240 billion under management as at the end of last year.

David Burns, head of Schroders in Bermuda, said: “The Schroders office in Bermuda will continue to develop relationships and business with the insurance and captive insurance community on the Island, working as part of the London-based insurance asset management team and supported by the product and investment specialists across the Schroders global network.”

Meanwhile, J.P. Morgan is expected to keep its private equity services operation on the Island. “We believe there is strong synergy between our two businesses,” said James Hutter, global business executive for J.P. Morgan’s private equity fund services division.

“We share a common origin, being one of only a few administrators that grew out of private equity firms. Our product offerings and technology are very complementary, and we are both known for having a strong service culture.”

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