Global custodians are competing today on how well they can process new products for clients, making this a new area of focus for JPMorgan's worldwide securities services group, says Michael Clark, New York-based executive vice president on a recent visit to Asia.
The edge is found in products such as over-the-counter derivatives, leveraged loans, hedge funds, private equity and real estate - all involving unique transactions that must be integrated into custody and accounting processes, Clark says. JPMorgan has recently established a unit in Dallas dedicated to leveraged loans, for example, which are currently processed through millions of faxes each quarter, he says, with a fail ratio as...
