Neuberger Berman, one of the world’s leading employee-controlled money managers, said J.P. Morgan Clearing Corp. (J.P. Morgan) has agreed to become Neuberger Berman’s clearing and custody provider. Terms of the agreement were not disclosed.
J.P. Morgan Clearing Corp., an affiliate of JPMorgan Chase & Co. (NYSE: JPM), is an industry leader in providing clearing and custody capabilities to broker-dealers and investment advisers worldwide. The transition to J.P. Morgan’s Broker Dealer Services business, which is expected to occur during the second quarter of 2010, affects approximately 50,000 client accounts.
“Neuberger Berman is pleased to be working with J.P. Morgan, which has the reputation, financial strength, resources, technology and experience to help us best meet the needs of our clients,’’ said Joseph V. Amato, president of Neuberger Berman. “As an industry leader supplying clearing solutions for more than 30 years, J.P. Morgan has built a reputation for providing best-in-class service.”
Clients of Neuberger Berman will retain current account numbers and will not incur any additional costs as part of the conversion. Neuberger Berman selected J.P. Morgan following a thorough due diligence process and consideration of several clearing firms.
About Neuberger Berman
Established in 1939, Neuberger Berman is one of the world’s largest private, independent employee-controlled asset management companies, managing approximately $173 billion in assets as of December 31, 2009. Neuberger Berman is a leader in providing a broad range of global investment solutions to institutions and individuals through customized separately managed accounts, mutual funds and alternative investment products. For more information please visit our website at www.nb.com.
Contacts:
Randall Whitestone, 212-476-5392
