The firm announced a major win: the California State Treasurer’s Office (STO) selected our Securities Services business to deliver custody services for $200 billion, including assets in the State’s investment portfolio and those pledged from insurers. The transition of assets from incumbent Citi to J.P. Morgan finished on July 18.
The deal calls attention to J.P. Morgan’s growing strength as a custody provider in the public treasury realm at large and California in particular.
This mandate also builds on the relationship J.P. Morgan has developed with STO and highlights our comprehensive front-to-back Securities Services offering, supported by the global expertise of our Commercial & Investment Bank. For more than 35 years, J.P. Morgan has assisted STO with securities transactions for its self-directed portfolio and served as STO’s depository bank since 2010.
“J.P. Morgan’s Securities Services business is fully committed to delivering strategic solutions to asset owners,” said Scott Markowitz, Americas head of custody for J.P. Morgan Securities Services, in an interview with Global Custodian. “We are proud to have earned this mandate to safeguard the assets of California’s State Treasurer Office and further deepen our longstanding firmwide partnership with the State.”
“J.P. Morgan’s Securities Services business is fully committed to delivering strategic solutions to asset owners. We are proud to have earned this mandate to safeguard the assets of California’s State Treasurer Office and further deepen our longstanding firmwide partnership with the State.”
Scott Markowitz
Head of Custody, Americas, J.P. Morgan
The custody services mandate bolsters this preexisting collaboration between STO and J.P. Morgan, with STO able to avail itself of our many capabilities, including expertise in asset owner servicing along with operational support and customized cash and trade management solutions. J.P. Morgan is also able to leverage real-time oversight and reporting.
Victoria Tadross, head of U.S. asset owners sales at J.P. Morgan Securities Service, said in an interview with Global Custodian, “We are excited about our new Securities Services partnership with STO. We believe this mandate underscores the success of our hands-on service model, flexible platform and tailored solutions for internally-managed asset owners, enabling optimization of their operating model. Our expertise supporting insurers will also enable STO to provide automated, real-time reporting for statutory deposits pledged to the State.”
Overall, Securities Services serves an integral role in J.P. Morgan’s ability to deliver a complete counterparty solution to institutional investor clients to meet their needs across the full investment life cycle, from first trade to last settlement.
The STO deal is the feather in the cap of an already impressive first half of the year for J.P. Morgan in the U.S. asset owner space. Over that period, the firm has landed custody mandates of more than $500 billion in assets under management for our institutional clients.
As a custodian, the firm recently boasted an all-time-high of $1.4 billion in revenue in its quarterly earnings and also announced a record $38 trillion in assets under custody.
“We are excited about our new Securities Services partnership with STO. We believe this mandate underscores the success of our hands-on service model, flexible platform and tailored solutions for internally-managed asset owners, enabling optimization of their operating model.”
Victoria Tadross
Head of U.S. Asset Owners Sales, J.P. Morgan
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