SOURCE: HCL Technologies Ltd.

HCL Technologies Ltd.

December 18, 2009 08:00 ET

J.P. Morgan Asset Management Extends Outsourced Services Contract With HCL

Evergreen Contract Enables HCL Insurance BPO Services to Provide Continuity and Certainty Around Life and Pensions Administration for Save & Prosper

LONDON and STOCKHOLM, SWEDEN and NOIDA, INDIA--(Marketwire - December 18, 2009) - HCL IBS Ltd. part of HCL Technologies Ltd. (HCL), a leading global IT services provider, today announced an extension of its contract with J.P. Morgan Asset Management to deliver life and pension administration services for Save & Prosper. The new evergreen contract establishes a long term commitment and business partnership between J.P. Morgan Asset Management and HCL, and provides certainty around the provision of the high quality processing and support activities required to run the Save & Prosper closed book of business.

The decision to extend the contract, which was first established in 2001, comes after J.P. Morgan Asset Management conducted an in-depth review of its strategy and business requirements. The contract extension will reduce cost for J.P. Morgan Asset Management and deliver service enhancements to improve the policyholder experience. HCL, a trusted partner with a strong understanding of the business, will continue to provide an end-to-end service solution to enhance policy administration, finance, actuarial and call center services. The new contract services 185,000 policies and provides additional costs savings to J.P. Morgan Asset Management over the contract's lifetime in the order of £8.5 million.

Commenting on the contract extension, Peter Ball, Chief Executive of Save & Prosper, said: "J.P. Morgan Asset Management has long enjoyed a strong relationship with HCL and we are happy that our partnership has been extended. I am confident that HCL will continue to provide great service and value to our policyholders."

Commenting on the win, Stephen White, Chief Operating Officer, HCL IBS said: "This success follows HCL's acquisition of Liberata Financial Services in 2008 and reflects the strength and openness of the long term relationships we build with our clients. We believe that with our global reach, deep capabilities and the consistent high quality of the services we deliver, HCL is the ideal partner for JPMorgan Asset Management. We are delighted that J.P. Morgan Asset Management has reconfirmed the value it places in our partnership through this contract extension. We look forward to adding further value through the introduction of wider HCL service capabilities to help the company achieve its business needs."

Stephen White added: "HCL's governance model means that strategic needs are given as much focus as operational delivery. Our platform has the capability to deliver cost certainty and provide those benefits on long term contracts. We have developed a growing onshore/offshore business model, which will enable further capability developments and efficiency improvements. We are keen to grow our Life and Pensions business, in both the open and closed book space, and this announcement demonstrates we provide a compelling and competitive proposition in this market."

Commenting on the deal, David Mitchell, SVP, IT Research at analyst firm Ovum said: "Outsourcing of specific business functions or business areas is most effective when the outsourcing provider has domain specific capabilities. The recent life and pensions administration contract with HCL for Save & Prosper with JP Morgan is based on the HCL industry specific expertise in this sector, offering JP Morgan an enhanced service for their customers and staff while still being very cost effective."

Note to editors

Liberata Financial Services, which was acquired by HCL in July 2008, is moving within HCL overall structure to become HCL Insurance Business Services (HCL IBS). Lead by HCL IBS' newly appointed Chief Operating Officer, Stephen White, the division is aligned to HCL's financial services group, which supports high-profile financial services brands across the globe. This gives UK customers, such as, J.P.Morgan Asset Management greater access to HCL's proven international financial services capabilities.

About J.P. Morgan Asset Management

J.P. Morgan Asset Management is part of J.P. Morgan Chase & Co. and is a global asset management leader providing world-class investment solutions to clients. With US$1.3 trillion in assets under management (the Asset Management client funds of J.P. Morgan Chase & Co. as at September 30th 2009) and offices in 40 locations around the world, J.P. Morgan Asset Management offers global coverage with a strong local market presence, and leadership positions in most asset classes.

J.P. Morgan Asset Management is a trading name of J.P. Morgan Asset Management Marketing Limited which has issued this material in the United Kingdom and which is authorised and regulated by the Financial Services Authority. Registered in England No. 288553. Registered office: 125 London Wall, London EC2Y 5AJ.

About HCL

HCL is a $5 billion leading global Technology and IT Enterprise that comprises two companies listed in India -- HCL Technologies & HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups, a pioneer of modern computing, and a global transformational enterprise today. Its range of offerings spans Product Engineering, Custom & Package Applications, BPO, IT Infrastructure Services, IT Hardware, Systems Integration, and distribution of ICT products across a wide range of focused industry verticals. The HCL team comprises over 60,000 professionals of diverse nationalities, who operate from 26 countries including over 500 points of presence in India. HCL has global partnerships with several leading Fortune 1000 firms, including leading IT and Technology firms. For more information, please visit

About HCL Technologies

HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on 'transformational outsourcing', underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of 'Employee First' which empowers our 54,443 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, had consolidated revenues of US$ 2.3 billion (Rs. 11,270 crores), as on 30th September 2009 (on LTM basis). For more information, please visit


HCL IBS is a UK based Life & Pensions administration business. The business is regulated by FSA and delivers service from four locations in the UK, shortly to be five. HCL IBS employs some 800 people in Britain and has its Head Office in Croydon. HCL IBS is integrated with the global financial services business of HCL. This allows HCL to offer insurance clients a managed service proposition across, Applications Development and Maintenance, BPO and Remote Infrastructure Management

Forward-looking Statements

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