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Investing once is never enough
01 September 2007
Never have pipes and networks been so interesting to the investment management industry. Caroline Allen listens to Mike Clark, head of JPMorgan Worldwide Securities Services describe a sector, which after sustained and careful investment, is challenging asset management as the top revenue earner for the parent bank.
Mike Clark tells the story of meeting a client for a coffee near his office on Wall Street. Juggling his Blackberry, a frothy cup of cappucino and a briefcase of papers, the client spilt the scalding coffee. Quick as a flash, Clark grabbed a wad of paper napkins, mopped up, and retrieved the phone just in time for the client to take a call. When the conversation finished, Clark quipped: "JPMorgan Worldwide Securities Services, always there to sort things out." The business was won.
Clark was appointed in 2005 and has spent the last three years upscaling the division to the point where it brings in just slightly less than asset management to the bank's overall coffers. JPMorgan Chase chairman and CEO Jamie Dimon is no doubt well pleased. But it has not simply been volume and pricing that has delivered growth and revenue. Investment features heavily, and says Clark,...
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