JPMorgan Worldwide Securities Services today announced it has been appointed custodian and provider of related services by the Wellcome Trust, the second- largest charitable foundation in the world.
Under the agreement, JPMorgan Worldwide Securities Services will provide custody, accounting, monthly performance measurement, cash products and foreign exchange services, passive currency overlay, and commission recapture for the £13.9 billion foundation.
Conrad Kozak, Securities Company Executive at JPMorgan Worldwide Securities Services, said, "We are very pleased to be working with such a well-respected and established foundation as the Wellcome Trust. 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, said, "As the Wellcome Trust strives to continue to be at the forefront of investment management, we needed a securities services partner 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."