JP Morgan handles CREF 3.6bn Japan equities brief
US – JPMorgan Investor Services has had its custody relationship with the US College Retirement Equities Fund expanded to encompass the provision of income collecting for a 3.6 billion dollar (3.07 billion euro) Japanese equities portfolio.
JPMorgan Investor Services has had a relationship with CREF for over 30 years, and is global custodian for the fund. Under a new mandate it will also provide ancillary services in support of CREF’s direct lending programme, and will also act as income collection provider for the 3.6 billion dollar Japanese equities portfolio.
Commenting on the win, Mary Orr, senior vice president of global and north American client management at JPMorgan Investor Services said: “The mandate now consolidates all of CREF’s international investments with JPMorgan.”
JPMorgan Investor Services has 6 trillion dollars (5.1 trillion euros) in assets under custody, of which approximately 2 trillion dollars (1.7 trillion euros) are global custody assets.
CREF is one of the group companies of the Teachers Insurance and Annuity Association-College Retirement equities Fund (TIAA-CREF), which has 259 billion dollars (220.7 billion euros) in assets under management.