WSIB Hires JPMorgan As Custodian & Securities Services Provider For $82 Billion In Assets
New York.-Washington State Investment Board (WSIB) has hired JPMorgan to provide custody and securities services for the Board’s more than $82 billion in assets.
The Washington State Investment Board manages investments for 16 separate retirement funds for public employees, teachers, school employees, law enforcement officers, firefighters and judges. It also manage investments for 21 other public funds that support or benefit industrial insurance, colleges and universities, developmental disabilities and wildlife protection.
JPMorgan Worldwide Securities Services will provide a wide range of custody and securities services including: global custody, fund accounting, compliance measurement, securities lending, foreign exchange and performance measurement. The Board will have a dedicated client service team with on-site client service in Olympia, WA.
“We hired JPMorgan for custody and securities services because they offer all the core services we need including daily accounting, compliance and performance reporting. They have the right technology and people to provide the best service for our funds,” said Theresa Whitmarsh, COO of Washington State Investment Board.
Michael Clark, JPMorgan Worldwide Securities Services CEO said: “JPMorgan is proud to be working with the Washington State Investment Board, which has more than 25 years of experience in financial investment management. We will provide the Board with an expert team, dedicated client service and the best technology available in the industry today.”
JPMorgan will provide services for all of the Board’s investments, which include 36 separate funds for:
* Retirement (defined benefit and defined contribution) for public employees, teachers, school employees, law enforcement officers and firefighters.
* Deferred compensation programs
* Judicial retirement accounts
* Industrial insurance funds for injured workers and their employers, permanent funds to benefit schools, colleges, and universities
* Trust funds including the GET College Tuition Program and the Developmental Disabilities Endowment Fund, and Game & Special Wildlife Fund
For more information on JPMorgan Worldwide Securities Services go to www.jpmorgan.com/visit/pensions/public
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