JPMorgan Investor Services Launches Full-Service Outsourcing For Managed Account Administration

New York, March 22, 2004 - JPMorgan Investor Services (JPMIS) announced today that it has launched a new comprehensive servicing solution for investment managers and sponsors seeking to outsource their managed account administration through a strategic alliance with Vestmark. JPMorgan's new service provides a cost-effective outsourcing solution that includes account opening and closing, ongoing account maintenance, performance reporting, and account reconciliation.

Managed accounts are one of the fastest growing segments of the investment management industry because investors value the products' transparency, customization, and tax efficiency. According to estimates by the Money Management Institute, a trade group for private asset managers, separate-account assets should double in three years, triple in five years and hit $2 trillion by 2011.

To support the wealth management market, JPMorgan's new servicing platform for separately managed accounts automates many of the labor-intensive processes associated with managed account administration. By integrating Vestmark's technology with JPMIS' state-of-the-art servicing platform, clients will benefit from a flexible, web-based solution that helps save them time, money and resources.

"Investment managers are turning to global providers like JPMorgan for solutions that can help them increase their competitive advantage. Using JPMorgan's managed-accounts service will allow our clients to reduce operating costs, manage risk and avoid making large investments in service delivery platforms. After freeing up staff and investment dollars, resources will be increasingly available to focus on key objectives, allowing investment managers to concentrate on generating revenues," said Steven A. Smith, Western Hemisphere Financial Institutions Sales Executive at JPMorgan Investor Services.

David Blundin, chief executive officer of Vestmark, said, "We are pleased to form this strategic alliance with JPMorgan. By working together, we are delivering industry-leading technology coupled with an innovative servicing platform to address the needs of investment managers and increase the overall profitability of their managed accounts business."

JPMorgan Investor Services, a division of J.P. Morgan Chase & Co., provides investor related services in more than 80 markets to mutual funds, investment managers, pension funds, insurance companies, endowments, foundations and banks throughout the world. Information about JPMorgan Investor Services is available on the Internet at www.jpmorgan.com/investorservices.

J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $771 billion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, investment management, private banking and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumers nationwide, and many of the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the Internet at www.jpmorganchase.com.

Vestmark, Inc. is an enterprise software company providing managed accounts solutions to the financial services industry. The Vestmark management and engineering teams include the founders and key technologists from several highly successful companies spanning the portfolio management, investment analytics, business intelligence, personalization, and content management industries. Through innovative workflow and integration capabilities, Vestmark delivers efficiency, flexibility, and scalability to the front- and back-offices of investment managers, sponsors, and service providers. Vestmark supports a range of managed account products, including traditional separately managed accounts (SMAs), multi-style portfolios (MSPs, MSAs, DMAs, etc.), and emerging unified managed accounts (UMAs). Vestmark solutions enable its clients to attract new assets, reduce operational costs, and increase the overall profitability of their managed accounts business. Founded in 2001, Vestmark, Inc. is headquartered on Route 128 due north of Boston, Mass. For more information, please visit its Web site at www.vestmark.com or send e-mail to info@vestmark.com

For further information please contact:
Alison Gilmore: 718 242 5063 alison.gilmore@jpmorgan.com
Jo Letley: +44 (0)207 742 0377 jo.letley@jpmorgan.com


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