JPMorgan today announced it has been mandated by Devon County Council Pension Fund to provide global custody and related services for its £2.2 billion Fund.
The mandate comes following a formal review by Devon County Council to consolidate all of its assets with one global custodian.
JPMorgan previously serviced approximately £250 million of the Devon County Council portfolio.
Benjie Fraser, head of UK pensions and charities for JPMorgan Worldwide Securities Services' Securities Company, said: "JPMorgan welcomes the opportunity to further extend our relationship with Devon County Council now that they have consolidated all of their assets with us. We look forward to working with the pension fund to provide custody, accounting and other value-added services."
Barry White, Investment Manager of Devon County Council Pension Fund, said: "This appointment comes after an exhaustive review and tender which was conducted with the assistance of Thomas Murray. Our overall perception of JPMorgan was one of pro-activity and a willingness to work with Devon. We were very impressed with the package offered by JPMorgan."