JPMorgan Investor Services (JPMIS) has won a £7 billion mandate to provide global custody, fund administration, fiduciary and other related services to UK-based Cazenove Fund Management Limited (CFM).
CFM says the move will allow it to rationalise and consolidate existing outsourcing arrangements with one provider. CFM did not disclose the companies it previously used for outsourcing or whether contracts had been terminated.
Mike Neilson, CEO, CFM, says JPMorgan was chosen for "its experience in working with similar fund management groups and its flexibility in providing services tailored to our client base".
Recently Cazenove's investment banking unit was merged with JPMorgan's UK investment banking business to form a joint venture called JPMorgan Cazenove.