JP Morgan has named a new global head of the unit that provides investment services to hedge funds, as the US bank looks to establish itself as a market leader in servicing alternatives clients.

The US bank has appointed James Ferguson as the new head of global alternative investment services, according to a memo seen by Financial News. The AIS business focuses on administration, accounting and custody for hedge fund and private equity clients, and sits within the custody and fund services unit of the US bank's investor services business, and will be based in New York.