Focus On: Operations
Measuring Operational Risk: Part Science, Part Art | Licensing Ops Execs: Great Idea, Bad Execution? | Reducing Operational Errors With OTC Derivatives | A DAY IN THE BACK OFFICE:
Eliminating Operational Risk at a Transfer Agency | Giving a Single Name a Single Identity | TOP OPS EXEC: Timothy Doar, CME Clearing | TOP OPS EXEC: Mike Fish, SWIFT | TOP OPS EXEC: Patrick Kirby, DTCC | TOP OPS EXEC: John McCorvey, Gar Wood Securities | TOP OPS EXEC: Jeff Gooch, MarkitServ | TOP OPS EXEC: James Malgieri, BNY Mellon | TOP OPS EXEC: Hans Hufschmid, GlobeOp Financial Services | TOP OPS EXEC: Conrad Kozak, JPMorgan Chase
TOP OPS EXEC: Conrad Kozak, JPMorgan Chase
May 4, 2011
NAME: Conrad Kozak
TITLE: CEO, Worldwide Securities Services
COMPANY: JPMorgan Chase
KEY FOCUS: Reduce systemic risks in asset management and trading
“We leverage our scale and capa- bilities in more than 100 markets to help clients through a broad range of investor services such as custody, fund accounting and administration and securities services, as well as securities clearance, collateral management and alternative investment services,” he said.
The effort appears to be working, under Kozak’s oversight.
In 2009, WSS won – through a com- petitive process – the largest custodian mandate of the year when it was selected to serve as custodian for the $500 billion U.S. Federal Reserve program to purchase mortgage-backed securities (MBS).
The program was designed to purchase up to $500 billion in such securities backed by Fannie Mae, Freddie Mac and Ginnie Mae. The goal was to foster improved conditions in financial markets. At present, the trading part of the program has ceased, but JPMorgan continues to act as the custodian of the assets.
Participants involved in the investment management side of program were BlackRock Financial Management, Gold- man Sachs Asset Management, Pacific Investment Management (Pimco) and Willington Management.
In 2010, WSS won custody and related service mandates that included John Lewis Partnership Pensions Trust, which has in excess of $1.2 billion in total assets under management; Transatlantic Holdings, Inc., an international reinsur- ance organization with $11 billion under management; BankInvest, an asset man- ager and provider of investment funds in
the Nordic region with $23 billion under management and administration; Nasdaq OMX, which appointed JPMorgan as custodian for its derivatives markets; and AQR Capital Management, the adviser to AQR Funds, which required a full suite