Maine Public Employees Retirement System (MainePERS) has selected JP Morgan Worldwide Securities Services to provide custody and securities services for the state's $10.5bn in assets.
JP Morgan will provide custody and securities services that include: global custody, fund accounting, performance analytics, alternative asset administration, compliance monitoring, securities lending, transition management, foreign exchange, and cash management.
MainePERS chief investment officer Andrew Sawyer said the company chose JP Morgan because they offer the complete breadth of services it requires.
"In addition, as MainePERS looks to increase our allocation into alternative investments, JP Morgan clearly has the expertise and tools to provide the administration, reporting, and transparency that we desire," Sawyer said.
JP Morgan Worldwide Securities Services head of new business development – Americas Robert Caporale said JP Morgan will provide the State of Maine with set of global securities services delivered with technology by an expert team.