The Employees Retirement System of Texas has selected JPMorgan Worldwide Securities Services to provide global custody and asset services for ERS’ more than USD21 billion in assets.
“The Employees Retirement System of Texas has grown substantially and chose JPMorgan because it was the one firm that could provide for all our current and future needs,” says Kathy Ann Reissman, the director of investments, Employee Retirement System of Texas. “JPMorgan offered us the best package of capabilities, the most efficient, sophisticated and highest quality reporting system and a top-notch local service team.”
The Employee Retirement System of Texas administers retirement plans for nearly 200,000 current and retired state employees and elected, judicial and law enforcement officials.
“JPMorgan is proud to have won ERS’ business again and extend a relationship that we have had since 1996,” says Edward Mollahan, a senior vice president at JPMorgan Worldwide Securities Services. “ERS can take advantage of our latest initiatives with alternative investments and securities lending. They can also leverage the dynamic reporting tools in our VIEWS Portfolio Reporting platform, which is considered the best system in the industry.”
JPMorgan will provide a wide range of global custody services including: safekeeping, asset servicing, investment accounting, performance measurement and reporting, securities lending, transaction and corporate action processing, investment compliance and risk monitoring. JPMorgan will also become the provider of ERS’ official accounting records for its investment management and plan sponsor operations.