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By Anna Irrera
(Reuters) -JPMorgan Chase & Co's Securities Services division is setting up a new data business which will be led by Gerard Francis, who joins the bank from Bloomberg, a memo seen by Reuters showed.
The new Data Solutions business will bring together several projects already underway at the bank including post-trade analytics services and a new asset manager platform, the memo said.
Francis, who was head of enterprise data solutions at Bloomberg, will report to Teresa Heitsenrether, JPMorgan (NYSE:JPM)'s executive vice president and global head of securities services.
The move comes as banks look to modernise systems and take better advantage of the vast amounts of data that they process and store. This includes offering more high quality analytics and data-based tools to their clients, such as investment firms and corporations.
"Data is an increasingly important focus area for our clients, as advances in technology and data science unlock new opportunities to optimize investor outcomes," Heitsenrether said in the memo.
JPMorgan's Securities Services division helps institutional investors clear and settle transactions, custody assets and manage collateral and other activities.