The State of Michigan has retained JPMorgan to provide portfolio administration and performance reporting for the alternative asset division of its various state retirement systems. Get more info.
JPMorgan will provide portfolio administration and performance reporting for the State of Michigan Department of Treasury Bureau of Investments' Alternative Investments Division. The Bureau serves as the investment manager for various state retirement systems with a total of $61 billion in assets under management.
JPMorgan Private Equity Fund Services (PEFS) will provide the State with a set of comprehensive services to give greater insight on the performance, concentration and risk across the alternative investment portion of the assets. The services include investment accounting, cash flow tracking and forecasting, reporting and analytics, as well as the ability to easily generate board-quality reports.
“JPMorgan PEFS is delighted to welcome The State of Michigan Department of Treasury as a client,” said Robert Caporale, CEO of JPMorgan PEFS. “We feel that the State, its employees and taxpayers will benefit from the processes we use, which provide the control, security and transparency so needed in today's marketplace.”
James Hutter, Business Executive and COO of JPMorgan PEFS, added: “Our experienced team will serve as an independent source of finance and accounting information, so the State can spend more time on their mission