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JP Morgan Bank moves Hedge Fund Services to Luxembourg

Posted: 18 March 2008

JPMorgan Bank Luxembourg S.A. has expanded its business into hedge fund services in Luxembourg.

The firm, which earlier this year announced it was the first third-party Luxembourg fund administrator to reach $300 billion in assets under administration, has now opened an office for its JPMorgan Hedge Fund Services in the domicile.

In an interview with FundDomiciles.com Mario Pirola, Head of JP Morgan Hedge Fund Services in Luxembourg, stated that JPMorgan has been in Luxembourg for 34 years and is the leading third party administrator there. The decision to open an office for JPMorgan Hedge Fund Services in Luxembourg was a natural extension of the firm's strategy to be a leading securities services provider in Luxembourg, one of the most successful fund domiciles in the world.

Luxembourg is now looking at distributing funds into new markets, with an established presence in Latin America and Far East Asia. Is a successful destination for passport vehicles and has a beneficial tax regime. Another major plus is that Luxembourg is in the centre of Europe, a multi-lingual, centre of operations.

As at the end of first quarter 2007, JPMorgan's assets under administration in Luxembourg were $319 billion and assets under custody were $431 billion, according to Fitzrovia.

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