JPMorgan Chase in New York has agreed to buy Global Shares, an Irish company that provides cloud-based share plan management services.
The $3.7 trillion-asset JPMorgan said in a press release Tuesday that it expects to complete the acquisition in the second half of this year. The company did not disclose the price it will pay.
Global Shares, founded in 2005, has more than 600 clients that range from early stage startups to multinational public corporations. The firm has nearly $200 billion in assets under administration across 650,000 corporate employee participants.
“The addition of Global Shares is complementary across our entire JPMorgan franchise from new client acquisition for our global private bank and U.S. wealth management businesses to providing new, innovative capabilities to private and public companies globally and helping their employees manage their wealth,” Mary Callahan Erdoes, CEO of JPMorgan asset and wealth management, said in the release.
JPMorgan was advised by JPMorgan Securities, Freshfields Bruckhaus Deringer and McCann FitzGerald. Global Shares was advised by BofA Securities, Proskauer Rose and Arthur Cox.