JPMorgan Investor Services says it has been selected by Gartmore Group as global custodian to the Gartmore Funds’ US$16 billion in assets. The American bank will provide global custody, foreign exchange, cash trade execution, securities lending and commercial banking services.
“JPMorgan offers Gartmore the expertise, capabilities and services that can increase our efficiencies and reduce our expenses,” says Gartmore Group CEO Paul Hondros.
“Moreover, we anticipate that JPMorgan will enhance our ability to provide our investment management clients with the high level of service that they have come to expect from Gartmore Group.”
“Gartmore Group is an important client for JPMorgan,” adds Tom Swayne, Business Executive, JPMorgan Investor Services. “We are delighted to have been awarded this mandate and with the opportunity to provide exceptional value-added custody services to the Gartmore Funds. This mandate further solidifies our position as a leading full-service solutions provider to the investment management market.”
The affiliated advisers that comprise Gartmore Group collectively manage more than $67 billion in nontaxable and taxable assets, $16 billion of which are in open-end mutual funds.