Apr, 2003 : RiskMetrics Assumes Hosting for JPMorgan

📅 April 2, 2003 - Financial analytics and technology solutions firm RiskMetrics Group, Inc. (riskmetrics.com) today announced its acquisition of Arrakis, the analytics implementation and infrastructure underlying JPMorgan Chase's Morgan OnLine.

Under the agreement, RiskMetrics Group assumes control of the system's underlying technology, future technology development, Web hosting, maintenance and support. JPMorgan Chase's Private Banking Group will retain exclusive rights to both the Morgan OnLine and Morgan View products as well as the proprietary analytics within Morgan OnLine designed specifically for its clients. Details on the terms and conditions of the transaction were not available.
Arrakis was formed in 1999 by JPMorgan's Private Banking Group to provide an online toolkit for high-net-worth individuals. Its user interfaces, Morgan OnLine and Morgan View, will remain under the control of JPMorgan Chase. In addition, all client data will continue to be maintained solely by JPMorgan Chase in accordance with its Private Bank privacy policy.
"This acquisition signals our continued drive towards sensible consolidation of the wealth management solutions space," said RiskMetrics Group CEO Ethan Berman. "The assets from Morgan OnLine combined with our WealthBench suite of analytics allows us to provide our customers with an enterprise-wide wealth management platform that underscores the changing role of advisers and equips them to succeed in a far more demanding environment."

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