JPMorgan Treasury Services Introduces New Investment Sweep Service
The JPMorgan sweep transfers cash from clients’ current accounts into AAA rated offshore funds domiciled in Luxembourg. Clients automatically invest or redeem via the sweep on a same day basis in accordance with specific cut-off times for each currency. The service is a 2-way automated sweep that ensures surplus current account funds are automatically invested when money markets are most liquid to enhance returns while also facilitating redemptions from the money market funds when current account short positions prevail. Clients can elect to sweep all surplus funds or leave a target balance on their current account. The service also offers a variety of online reports that enable clients to closely track the movement of their funds and holdings throughout the process.