US - Washington State Investment Board (WSIB) has dropped State Street Corporation in favour of JPMorgan as custodian and securities services provider for US$82bn in 16 retirement and 21 other public funds.
WSIB’s 2006 annual report showed SSC may have netted fees in the region of $13m for the its services in 2006.
Theresa Whitmarsh, COO, WSIB, commented: “We hired JPMorgan for custody and securities services because they offer all the core services we need including daily accounting, compliance and performance reporting."
Whitmarsh added: “They have the right technology and people to provide the best service for our funds.”
JPMorgan would provide services for investments carried out by the board for defined benefit (DB) and defined contribution (DC) plans for public employees.
Services would include global custody, fund accounting, compliance measurement, securities lending, foreign exchange and performance measurement.
No one at SSC was available for comment at the time of going to press.
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