JPMorgan Names Michael Leary to Manage Compliance Solutions Program

    Business Editors

    NEW YORK--(BUSINESS WIRE)--Jan. 11, 2005--JPMorgan Investor Services (JPMIS) announced today the appointment of Michael J. Leary to oversee JPMorgan Compliance Solutions, a program designed to support the chief compliance officers (CCOs) of its clients.
    "This appointment demonstrates our commitment to helping our clients be as responsive to the industry regulations as possible," says Virginia Meany, Global Fund Services Product Executive. "Our goal is to work beyond providing policies and procedures, and to help develop long-term practical and consultative solutions. Michael's role is a vital piece of that ongoing support."
    Leary will serve as a liaison between clients' CCOs and JPMorgan Investor Services operational teams, facilitating sharing of information and communication. During his eleven year tenure at JPMIS, Leary has managed a variety of fund servicing functions for key clients, including treasury, compliance, board governance, and financial tax services. Leary was previously an Audit Manager at Ernst & Young, and is a certified public accountant. He is active in various industry groups including the ICI Accounting and Treasurers Committee, and is Co-Chair of the Massachusetts Society of Certified Public Accountants Investment Company Committee.
    "Michael's deep understanding of many aspects of the investment company industry will greatly benefit our clients," says Meany. "We are now poised to support our clients with any future regulatory challenges that lie ahead of us. We feel that this new regulatory environment is a long term journey, one which JPMorgan is ready to help our clients navigate."

    About JPMorgan Compliance Solutions

    As part of JPMorgan Compliance Solutions, the firm has provided its custody and full service fund accounting and administration clients with tools to respond to Investment Company Act of 1940 Rule 38a-1 and Investment Advisers Act of 1940 Rule 206 (4) - 7. These rules require mutual funds and investment advisers to appoint CCOs and implement comprehensive programs to prevent violation of SEC mandates and securities laws. By consulting with clients and industry experts, JPMIS developed a program that included providing detailed summaries of its compliance policies, procedures and controls, which significantly reduced the volume of documents clients were required to review before the October 5, 2004 deadline.
    The firm also provided support to clients to help them demonstrate to their own fund boards that their funds' compliance programs were adequately designed and that service providers were adequately supervised. Client forums in Boston and New York offered additional solutions to CCOs, both for satisfying regulatory requirements and relieving the constantly increasing administrative burdens related to compliance programs. JPMIS plans on communicating with clients on a semi-annual basis to its clients regarding policies and procedures, control summaries, and client representations.

    About JPMorgan Investor Services

    JPMorgan Investor Services (www.jpmorgan.com/investorservices), a division of JPMorgan Chase Bank, N.A., is a global leader in providing innovative products and services in more than 80 markets to the world's top mutual funds, investment managers, pension funds, insurance companies, endowments, foundations and banks. In addition to flexible and forward-looking solutions and personalized attention, JPMorgan Investor Services leverages its scale to invest in capabilities that help clients optimize efficiency, mitigate risk and enhance revenue. With $8.5 trillion in assets under custody, it is a market-tested leader in custody, fund services, securities lending, compliance and regulatory services, performance measurement and execution products.

    About J.P. Morgan Chase & Co.

    J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $1.1 trillion 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. Information about JPMorgan Chase is available on the Internet at www.jpmorganchase.com.

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CONTACT: JPMorgan Alison Gilmore, 1-718-242-5063 alison.gilmore@jpmorgan.com

KEYWORD: NEW YORK INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: J.P. Morgan Chase & Co.

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