ISIS Asset Management (ISIS), the fund manager formed by the merger of Friends Ivory & Sime with Royal Sun Alliance Investment Management Limited, has appointed JPMorgan Investor Services (JPMIS) as custodian. The American bank will look after US$12 billion of assets held by 50-odd retail mutual funds managed by ISIS. JPMorgan Trustee Services will act as the Depository and Trustee for the funds.
“This mandate further allows us to strengthen our dominant market position in the Trustee and Depository market,” says Ramy Bourgi, Business Executive, JPMorgan Investor Services Europe Middle East and Africa. “It is a further illustration of our continued commitment to offer differentiating products such as Total Cost Management and an array of valuable performance and analytical tools. We are delighted with this appointment and are committed to continuing the long-standing relationship between our respective businesses.”
Morgan has had a longstanding relationship with the founders of ISIS, which currently has around 60 billion under management. Under the mandate JPMIS will provide the fund manager with analytical services, Total Cost Management, investment guideline compliance monitoring and short-term investment funds (STIFs) for cash management purposes. “JPMorgan’s strong track record in the mutual fund arena and its expertise and leading service capabilities will support our goal to be one of the top five UK fund managers by 2005,” explains ISIS Asset Management Chief Operating Officer, Ken Back.