J P Morgan wins $12bn ISIS custody mandate
UK – J P Morgan Investor Services has won a 12 billion dollar custody mandate from ISIS Asset Management.
“J P Morgan Investor Services announced today that it has been appointed by ISIS Asset Management as custodian,” J P Morgan said in a statement. “J P Morgan will manage 12 billion dollars in assets under custody covering more than 50 of ISIS' Retail Collective Investment Funds.”
The company’s trustee services division will act as the depository and trustee for the funds, J P Morgan added.
JPMIS will also provide analytical services, cost management, monitoring of investment guideline compliance and short-term investment funds.
"This mandate further allows us to strengthen our dominant market position in the trustee and depository market," said Ramy Bourgi, business executive of JPMIS Europe, Middle East and Africa.
"J P Morgan's strong track record in the mutual fund arena and its expertise and leading service capabilities will support our goal to be one of the top five UK fund managers by 2005," said ISIS Asset Management chief operating officer Ken Back.
ISIS has around 60 billion pounds in assets under management.