NEW YORK--(BUSINESS WIRE)--J.P. Morgan announced today that it has been selected by investment management firm Palmer Square Capital Management, a manager of hedge fund-of-funds partnerships and customized alternative investments, to provide Prime Custody Solutions for their recently launched Absolute Return Fund. This fund is Palmer Square’s first open-ended mutual fund, a fund that, according to Palmer Square, seeks capital appreciation with an emphasis on absolute (positive) returns and low correlation to the broader equity and bond markets.
Palmer Square further indicates that the fund utilizes a concentrated group of seven institutional managers who operate a broad range of hedge fund-type strategies, including global macro, long/short and event-driven credit, long/short international and domestic equity, and convertible bond arbitrage. J.P. Morgan will provide a range of capabilities: global custody, equity and FX prime brokerage, interest rate derivatives, OTC, and futures and options.
Prime Custody Solutions combines prime brokerage, global custody and other securities services through a single technology portal and integrated client service model. The J.P. Morgan Prime Custody Solutions platform leverages two market-leading J.P. Morgan franchises: J.P. Morgan Worldwide Securities Services, a premier securities servicing provider with approximately $17 trillion of assets under custody and J.P. Morgan Prime Brokerage, a market-leading global prime brokerage. Prime Custody Solutions provides tools to help mutual funds comply with the ’40 Act and SEC requirements regarding bank custody and shorting and/or leveraging alternatives strategies provided by a broker dealer. J.P. Morgan’s offering includes automated collateral management, consolidated transaction and reporting technology utilizing a single portal and integrated customer service across all products.
Angie K. Long, Chief Investment Officer of Palmer Square Capital Management LLC, said “The ability to partner with J.P. Morgan across the breadth of the Palmer Square Absolute Return Fund trading and custody needs regardless of investment strategy and regulatory requirements is a huge benefit to us – both from an ease of execution and operations perspective. J.P. Morgan was able to structure a solution across the firm in a seamless way that enabled our fund to get to market quickly.”
Devon George-Eghdami, Managing Director and Head of Prime Custody Solutions, said “We are seeing ever increasing demand from hedge fund managers who are offering alternative strategy mutual funds. Our ability to offer integrated capabilities across prime services, global custody and other securities services to these complex fund structures that must also meet ‘40 Act requirements is unique in the market. We are excited to be able to work with Palmer Square as they launch this new fund.”
About Palmer Square Capital Management
Palmer Square Capital Management provides investment advisory services, proprietary funds and customized allocations focused specifically on alternative investments such as hedge funds and private equity funds. The firm serves a diverse set of clients across high-net-worth, registered investor advisor firms, and institutional clients. Information about Palmer Square Capital Management is available at www.palmersquarecap.com.
About J.P. Morgan Prime Custody Solutions Group
J.P. Morgan offers unique and comprehensive solutions that enable funds to combine their prime services, global custody and other securities service needs in an integrated approach. The J.P. Morgan Prime Custody Solutions platform leverages two of the market-leading J.P. Morgan franchises: J.P. Morgan Worldwide Securities Services, a premier securities servicing provider with approximately $17 trillion of assets under custody and J.P. Morgan Prime Brokerage, a market-leading global prime brokerage. Custody services and interest rate derivatives are offered through JPMorgan Chase Bank, N.A., member FDIC; equity and FX prime brokerage services are offered through J.P. Morgan Clearing Corp., member SIPC, FINRA, and NYSE; securities products are offered through J.P. Morgan Securities LLC, member SIPC, FINRA, and NYSE.
About JPMorgan Chase & Co.
J.P. Morgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, J.P. Morgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about J.P. Morgan Chase & Co. is available at www.jpmorganchase.com.
None of the foregoing is intended to be, nor should it be considered a solicitation to purchase or an offer to sell any fund.