JPMorgan Investor Services announced today that it has been selected as custodian by the Dallas Police and Fire Pension System as custodian for a portfolio worth $1.9 billion. Morgan is pleased – it says the Dallas Police & Fire Pension System’s public defined benefit plan is one of the largest retirement plans for police officers and firemen in the United States – but the recent re-location of processing from New York to the Texan city must have helped .
“We are pleased to be appointed by the Dallas Police and Fire Pension System,” says Tom Swayne, executive vice president of JPMorgan Investor Services. “This new business reflects our commitment to the public fund sector. Our employees are dedicated to superior client service and we continually strive for unparalleled satisfaction and results.
We look forward to providing Dallas Police and Fire Pension System with the full breadth of our services and value-added products”
JPMorgan will provide domestic and global custody, accounting, securities lending, performance & analytics, and compliance reporting to the Dallas Police & Fire Pension System. JPMorgan Treasury & Securities Services will also provide local banking services including checking, controlled disbursement and automated clearinghouse (ACH).
“This deal further solidifies JPMorgan as one of the major providers of custody services to the public fund segment,” adds William Wasp, client relationship manager. “It also enhances JPMorgan’s reputation as the custodian of choice in the state of Texas where we are already the custody provider for the Employees Retirement System of Texas (ERS).”
The global custody mandate brings a new client to JPMorgan Investor Services. Prior to this award Dallas Police & Fire did not have an existing bank relationship with JPMorgan.
“JPMorgan was successful because of its strong global presence, local service delivery, complete alternative asset service package and the comprehensive banking relationship that it can offer to Dallas Police & Fire. Our mandate includes providing financial services spanning the retail, commercial, investment management and custody businesses; in effect, delivering the JPMorgan firm to our client,” concludes Wasp.