JP Morgan Investor Services says Royal & SunAlliance USA (RSA USA) has appointed it custodian and securities lending agent for all of its US insurance assets. The mandate follows an RFP process, but consolidates all of RSA USA’s assets with JPMorgan.
In addition, RSA USA will place a significant amount of their short-term cash into the JPMorgan short-term investment funds.
“Our relationship with JPMorgan and its heritage companies is over 100 years old,” says Dave Shumway, Director, Fixed Income, Royal & SunAlliance USA. “Through the years we have always benefited from outstanding customer service, technology and securities lending capabilities.”
“We are proud to have been given the opportunity to expand our relationship with RSA USA,” adds Tom Swayne, business executive, JPMorgan Investor Services. “The consolidation of RSA USA insurance assets will allow the company to take advantage of greater efficiencies and a full array JPMorgan products and services. In addition, it enhances the leading market share of custody assets that JPMorgan has with the top 50 property and casualty insurance companies.”