JPMorgan Chase today launched a new business unit to provide fund accounting, tax and reporting services for both private equity firms and private equity investors such as pension funds, according to Robert Caporale, senior vice president and head of the unit, JPMorgan Private Equity Fund Services.
"One of the things we really try to do for private equity firms is enable them to concentrate on their core business - building investor wealth - and let JPMorgan handle all the processing and reporting requirements," he said in an interview. "For investors, if they have 300 positions in various private equity funds, today they're getting specific reporting for each one, and we aggregate all that so they can look across the whole portfolio. It allows them to manage risk better."
The new unit is part of JPMorgan's Worldwide Securities Services.