JPMorgan Chase & Co. announced Wednesday that it has introduced the Prime-Custody Solutions Group, which delivers integrated prime brokerage and custody services.
The unit is to serve hedge funds and asset managers seeking a combination of prime brokerage capabilities and securities services.
Devon George-Eghdami, who was head of hybrid capital trading at JPMorgan Chase, is managing director and head of the new unit. "Challenging market conditions have underscored the importance of partnering with a prime brokerage that can safeguard assets in a separate depository," she said. "Building on our industry-leading prime brokerage and custody businesses, we are expanding our product offering and delivering those shared benefits to clients in a more efficient manner."
She is based in New York and will report to Michael Minikes, the chief executive of J.P. Morgan Clearing Corp., within prime services and to Sandie O'Connor, the global head of financing and markets products within JPMorgan Chase's treasury and securities services business, which has $13.7 trillion of assets under custody.