Wellcome Trust has appointed JPMorgan Worldwide Securities Services as custodian. The bank will also supply the giant charitable foundation – it claims to be the second largest in the world – with accounting, monthly performance measurement, cash products and foreign exchange services, passive currency overlay, and commission recapture. The fund has 13.9 billion under management.
“We are very pleased to be working with such a well-respected and established foundation as the Wellcome Trust,” says Conrad Kozak, Securities Company Executive at JPMorgan Worldwide Securities Services.
“This new mandate is a testament to our ability to handle the sophisticated requirements for a client like the Wellcome Trust both today and in the future, and demonstrates our strong commitment to develop relationships with the charitable trust industry in the UK and Continental Europe.”
Danny Truell, Chief Investment Officer of the Wellcome Trust, says that Wellcome Trust “strives to continue to be at the forefront of investment management” and therefore needed a custodian that could “provide us with top-quality service, a stable service platform and also had the skill set to grow with us. JPMorgan Worldwide Securities Services’ asset servicing offering is substantial enough and has the technology to meet all of our requirements.”