John Lewis Awards JP Morgan New Custody Mandate
The John Lewis Partnership Pensions Trust has awarded JP Morgan’s Worldwide Securities Services business a mandate to provide custody and related services.
JP Morgan will provide custody, accounting, performance measurement, foreign exchange (FX), compliance, cash sweep and securities lending services to The John Lewis Partnership Pensions Trust, which has in excess of £2bn in total assets under management. The securities lending programme was specifically designed to meet The John Lewis Partnership Pensions Trust requirements and brought together JP Morgan’s firm-wide capabilities with its best-in-class solutions. The complex transition required global co-ordination with JP Morgan’s borrower network to immediately meet the client’s collateral investment funding requirements.
“We found JP Morgan’s offering to be superior to its competitors, including the scope of its securities lending, accounting and performance measurement services, and have been very impressed with its highly efficient on-boarding program,” said Andrew Chapman, The John Lewis Partnership’s pension investment manager.