JPMorgan Worldwide Securities Services, a subsidiary of JPMorgan Chase Bank that provides custody and securities services, announced Wednesday that Charles Schwab Investment Management had chosen it to administer separately managed accounts in Schwab's $180 billion portfolio of client assets.
Schwab's 5,000 managed accounts have been brought live over the past three months. JPMorgan Managed Account Solutions is now giving Schwab services designed to automate back-office functions such as shadow accounting, account reconciliation, new account setup, performance calculation, and account maintenance.
