Cerberus Capital Management, L.P., appointed J.P. Morgan Worldwide Securities Services to provide fund administration and related securities services for its investment funds with aggregate assets of over $23 billion.
The J.P. Morgan platform will be supplemented by certain back-office personnel of Cerberus who will become employees of J.P. Morgan.
"The transition of the services to a world class third-party administrator provides our firm strong infrastructure support and the independence preferred by our investors," said Jeffrey Lomasky, senior managing director and CFO of Cerberus. "We are confident that J.P. Morgan has the capabilities to provide our firm and our investors with the independent, third-party administrative systems, infrastructure and support that are required in today's investment management environment."
