UK - JP Morgan has asked not be reconsidered for a custodian mandate at the Cambridgeshire County Council Pension Fund following a tender for a sole provider at the local authority scheme.
The firm forms part of the £800m fund’s current custodian line-up alongside Deutsche Bank and Bank of New York (BoNY).
A source close to the fund said that JP Morgan’s move was believed to be a result of its decision to shift attention from “small” mandates to new accounts of over £1bn. Both Deutsche and BoNY are expected to make the list.
Cambridgeshire is to have its new custodian arrangement in place by the end of February when it also aims to make its first foray into private equity.
The fund is advised by Hymans Robertson.
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