Devon sacks State Street
UK - The £2.2bn (€2.9bn) Devon County Council pension fund has combined its two custody mandates, previously held by JPMorgan and State Street.
JPMorgan today announced it has been mandated by the fund to solely provide global custody and related services for the scheme.
The mandate follows a formal review by Devon County Council in March last year to consolidate all of its assets with one global custodian.
JPMorgan said it previously serviced approximately £250m of the Devon County Council portfolio.
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."
He added: "Our overall perception of JPMorgan was one of pro-activity and a willingness to work with Devon."
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