Last year, J. P. Morgan & Co. took a major step in a new direction.
It signed a service agreement that let The Bank of New York Co. take over much of J. P. Morgan Investment Management Inc.’s European accounting systems.
J. P. Morgan officials say it was the first major asset manager to move many of its nonproprietary operational services to an outside provider – more than a year before other major firms.
Last week, the woman responsible – Veronique Weill, the former head of technology and operations for J. P. Morgan’s asset management services in Europe – started her new job heading these services worldwide.
The first order of business is to turn over the rest of J. P. Morgan’s back-office processes to The Bank of New York, she said.