J.P. MORGAN Awarded New Custody Mandates By Two UK Pension Funds
J.P. Morgan to provide services for pension funds for FirstGroup and Home Retail Group
London - J.P. Morgan’s Worldwide Securities Services business today announced that it has been awarded a mandate to provide custody and related services to the The First UK Bus pension scheme and the Home Retail Group pension scheme.
J.P. Morgan will provide custody, accounting, FX and cash management services to both pension funds, and additional passive currency overlay services to Home Retail Group. First UK Bus pension scheme has £700m in total assets under management and Home Retail Group pension scheme has £640m.
Benjie Fraser, Practice Lead for J.P. Morgan Worldwide Securities Services’ pension fund business in Europe, said: “We are delighted to provide a full suite of products that can meet the unique needs of different sized clients. We are pleased to be able to support these clients’ specific requirements in the UK market as we continue to expand our work in this sector across Europe.”
About First Group
FirstGroup is the UK’s largest bus operator running more than one in five of all local bus services and the UK’s largest rail operator, running nearly a quarter of the passenger rail network and carrying some 285 million passengers a year. FirstGroup is also the largest provider of student transportation in North America with a fleet of approximately 60,000 yellow school buses, carrying 4 million students every day across the US and Canada. FirstGroup also operates Greyhound, the only national provider of scheduled intercity coach transportation services in both the US and Canada.
About Home Retail Group
Home Retail Group is the UK’s leading home and general merchandise retailer with sales of £5.9 billion in the last financial year. Home Retail Group sells products under the Argos and Homebase brands that are household names in the UK.
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, N.A. (NYSE: JPM), WSS leverages the firm’s unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $14.9 trillion in assets under custody and $5.1 trillion in funds under administration. For more information, go to www.jpmorgan.com/visit/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.