Markit Acquires FCS From JPMorgan
Markit and JPMorgan have announced that they have agreed to terms under which Markit will acquire JPMorgan FCS Corporation (FCS), the provider of portfolio and risk management software and services to syndicated loan market participants, including the Wall Street Office family of products. The combined entity is currently used by over 400 financial institutions to manage over US$1 trillion in assets. Markit hopes that the acquisition will enable the firm to develop and deliver solutions to improve operational efficiency and transparency in the loan markets. FCS has core operations and a management team based in Dallas, Texas, that will join Markit’s management team. Mark Murray, president of FCS, will be appointed executive vice president at Markit.