StatPro Group PLC (LON:SOG) shares surged on Monday after it signed a partnership agreement with JP Morgan Chase & Co (NYSE:JPM) to develop an analytics solution for the investment bank’s portfolio managers.
Under the five-year agreement, StatPro said it would work with JPM’s data and analytics arm to develop risk and performance attribution capabilities for the bank’s flagship platform, providing a “significant new channel” for its services.
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At launch, StatPro said the service would be immediately available to all of JPM’s European and Asian multi-asset clients, while an early adopter programme would begin for clients in North America where the two firms are building a cross-asset capability by expanding coverage to US securitised products.
Justin Wheatley, StatPro’s chief executive, said the partnership would be a “significant contributor” to the group’s growth plan in the years to come and was a demonstration of the company’s “widening capabilities, market position and routes to market”.
In early trading StatPro shares were up 4.6% at 132.8p.