JP Morgan’s Securities Services has won a custody mandate with the California State Treasurer’s Office (STO). The bank revealed in a press release that it has taken over from incumbent mandate holder Citi to deliver custody services for assets amounting to US$200 billion.
The assets include the state’s investment portfolio and pledges from insurers.
JP Morgan’s relationship with STO is not new – it has served as the state’s depository bank since 2010 and claims to have assisted with securities transactions for STO’s self-directed portfolio for more than 35 years.
With the new mandate, JP Morgan will be providing STO with asset owner servicing, operational support, customised cash and trade management solutions, as well as oversight and reporting.
