JP Morgan Investor Services Europe, Middle East and Africa (EMEA) has been appointed as global custodian to the £4.2bn (E6.7bn) Prudential Staff Pension Scheme (PSPS). The custody mandate will also include investment accounting.
The PSPS, a defined benefit (DB) pension scheme, recently changed its manager structure, shifting from one balanced manager to six specialist managers covering UK, European, US and Far East equities, property and venture capital. Says a spokesperson for PSPS: “The additional monitoring required of the fund as a result of the recent changes with our investment managers is perfectly complimented by the level and quality of services offered by JP Morgan.”
oJPMorgan Treasury Services has launched a new automated investment sweep service to its range of Luxembourg money market funds aimed at corporate and institutional clients wishing to invest surplus cash.
The JPMorgan sweep transfers cash from clients’ current accounts into AAA rated offshore funds domiciled in Luxembourg. Clients automatically invest or redeem via the sweep on a same day basis in accordance with specific cut-off times for each currency.