JP Morgan Worldwide Securities Services, which provides custody and fund services, has signed an agreement to acquire the private equity administration services business of UK-listed investment firm Schroders for an undisclosed sum.

The deal is subject to regulatory approval.

Based in Guernsey and Bermuda, the private equity administration services business currently has $6.2 billion in committed capital under administration, according to a statement from JPMorgan yesterday.

"This acquisition emphasises our commitment to continuing to build out our industry-leading private equity administration offering," said Conrad Kozak, chief executive of JP Morgan Worldwide Securities Services. "It allows us to expand the global footprint of our private equity administration business, while at the same time allowing us to further deepen our relationship with Schroders,” he said.

Schroders' private equity administration business was initially developed to support "Schroder Ventures", an in-house private equity business that is no longer part of the Schroders Group, and later expanded into third-party administration.