JPMorgan Private Equity Fund Services has opened for business in JPM’s Jersey office to service existing and new offshore clients.

It sees itself as one of the few private equity administrators in the UK and the Channel Islands that can offer a range of banking services, including cash management and foreign exchange, as well as tax support services to its administration clients.

With the launch of this new European hub the firm says it will provide fund administration for private equity, real estate and infrastructure firms, as well as alternative investment portfolio administration for institutional limited partners.

The operation currently services more than 200 funds representing $58 billion in committed capital and $135 billion in aggregate committed capital across thousands of private equity investments. In addition to its new Jersey location, JPMorgan PEFS has offices in New York, London, Sydney, San Francisco, Chicago and Dallas.

Jersey Finance figures suggest assets under management in private equity and real estate funds domiciled and/or administered in Jersey are approximately $100 billion. Additionally, at the end of 2007, there were over 400 private equity and real estate funds domiciled and/or administered in Jersey.