New Mexico State Board of Finance hired J.P. Morgan Worldwide Securities Services as global custodian for almost $40 billion in assets from the New Mexico State Investment Council, New Mexico Public Employees Retirement Association, the New Mexico Educational Retirement Board and the state treasury, confirmed Charles Wollmann, spokesman for the $14.1 billion council, Santa Fe.
The incumbent was Northern Trust, Mr. Wollmann said.
J.P. Morgan will provide global custody, fund accounting, asset and alternative investment servicing, among other services. Officials at the board could not be reached by deadline for further details.
The New Mexico funds are all based in Santa Fe. The public employees plan has $10.9 billion in assets, while the education plan has $8.6 billion.