Cazenove Fund Management hired JPMorgan Investor Services to provide global custody, fund administration and other services, confirmed Clare MacKinney, JPMorgan spokeswoman. Ms. MacKinney declined to provide further information.
Officials at Cazenove were not available for comment, but Mike Neilson, COO, said in a news release that the firm was "keen to rationalize our existing outsource arrangements with a view to consolidating them into a more efficient solution." He said the firm selected JPMorgan "after an extensive appraisal of U.K. service providers."
JPMorgan Cazenove was created a few months ago as a separate jointly owned entity that combines Cazenove's investment banking business and JPMorgan's U.K. investment banking business. That transaction is expected to be completed in the first quarter.
Cazenove Fund Management will remain independent and continue to be owned by its shareholders.