JPMorgan Institutional Trust Services' acquisition of Bank One's corporate trust services will create a new leader in the structured finance industry, with the combined entity acting as trustee on more securitized product sold this year than any of its competitors. While there may be a new market leader, the top five trustees, which account for nearly 40% of structured finance trustee relationships, remains largely unchanged.

The integration of Bank One's trustee operations, split between Columbus, Ohio, and Chicago, with JPMorgan's New York-based operations, is expected to take three to six months. Bank One announced it had retained Goldman Sachs to sell its corporate trust unit in late April. JPMorgan shelled out $720 million for Bank One's trust unit, of which 10% is contingent upon business retention, according to a release. JPMorgan reportedly beat out Deutsche Bank for the purchase.

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