UK - JPMorgan Worldwide Security Services is to replace State Street as custodian for a £9.5bn (€14bn) mandate with the Wellcome Trust.

The £20.7bn UK based trust, the largest charitable foundation in Europe, has chosen JPMorgan to provide custody, accounting, monthly performance measurement, cash products and foreign exchange services, as well as passive currency overlay and commission recapture.

Danny Truell, CIO for the Wellcome Trust, explained that the foundation wants to "be at the forefront of investment management" and therefore needed a custodian that could "provide top-quality service, a stable service platform and also had the skill set to grow with us."
A spokesperson for the trust told IPE that in addition to JPMorgan, Wellcome also uses three other custodians for our hedge funds.

Meanwhile, Watson Wyat hast found that the assets of the top 50 European foundations have reached €147bn and are now over 10% larger than their US peer group.