John Hancock Private Client Group, a Boston unit of Manulife Financial Corp., has hired a JPMorgan Chase & Co. unit to provide administration for its $1.6 billion in separately managed account assets.
JPMorgan Managed Account Solutions will provide Hancock with services to automate back-office functions for their 5,000 separately managed accounts. The services will include shadow accounting, account reconciliation, account maintenance, performance calculation, and trading.
The JPMorgan Chase unit offers services designed to let investment managers and sponsors outsource their operational and administrative managed account infrastructure. It also provides account work flow, reconciliation, trade support, and straight-through processing.
John Hancock Private Client Group announced the arrangement Tuesday.
