J.P. Morgan Worldwide Securities Services has been selected by the Maine Public Employees Retirement System (MainePERS) to provide custody and securities services for the states $10.5 billion in assets a mandate won from the 17-year incumbent, Northern Trust, according to a source with knowledge of the deal.
J.P. Morgan will provide a wide range of custody and securities services including global custody, fund accounting, performance analytics, alternative asset administration, compliance monitoring, securities lending, transition management, foreign exchange and cash management.
Global Custodian announced today that J.P. Morgan received Global Top Rated status in the 2011 Securities Lending Survey.
“We chose J.P. Morgan because they offer the complete breadth of services we require, says Andrew Sawyer, CIO of MainePERS. We are impressed with the strength of the firm, their commitment to the public pension market — and we believe they have the right combination of customer service and technology to provide the best service for our funds. In addition, as MainePERS looks to increase our allocation into alternative investments, J.P. Morgan clearly has the expertise and tools to provide the administration, reporting, and transparency that we desire.
Robert Caporale, head of new business development for the Americas at J.P. Morgan Worldwide Securities Services, adds: “J.P. Morgan is proud to have been selected by MainePERS. We will provide the State of Maine with an outstanding set of global securities services delivered with award-winning technology by an expert team. This is the latest in a series of J.P. Morgan deals in the public pension space, demonstrating our commitment to this important market segment.”