Dallas Police and Fire Pension System Chooses JPMorgan as Custodian for Its $1.9 Billion Public Defined Benefit Plan.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 11, 2002 JPMorgan Investor Services announced today that it has been selected, after a competitive selection process, by the Dallas Police and Fire Pension System as custodian for its $1.9 billion in assets. The Dallas Police & Fire Pension System's public defined benefit plan Defined benefit plan A pension plan obliging the sponsor to make specified dollar payments to qualifying employees at retirement. The pension obligations are effectively the debt obligation of the plan sponsor. Related: Defined contribution plan is one of the largest retirement plans for police officers and firemen in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . "We are both excited and honored to be serving the Dallas Police and Fire Pension System," said Tom Swayne, executive vice president of JPMorgan Investor Services. "This new business reflects our commitment to providing custody services for public funds See Fund, 3. See also: Public . Our employees have a fundamental dedication to superior client service and we continually strive for unparalleled satisfaction and results. We look forward to providing Dallas Police and Fire Pension System with the full breadth of our services and value-added products." JPMorgan will provide domestic and global custody, accounting, securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. , performance & analytics, and compliance reporting to the Dallas Police & Fire Pension System. JPMorgan Treasury & Securities Services will also provide local banking services including checking, controlled disbursement Controlled disbursement A service that provides for a single presentation of checks each day (typically in the early part of the day). and automated clearinghouse (ACH). "This deal further solidifies JPMorgan as one of the premier providers of custody services to the public fund segment," said William Wasp, client relationship manager. "It also enhances JPMorgan's reputation as the custodian of choice in the state of Texas where we are already the custody provider for the Employees Retirement System of Texas (ERS ERS, n.pr See extended rotated side-bent. )." The global custody mandate brings a new client to JPMorgan Investor Services. Prior to this award Dallas Police & Fire did not have an existing bank relationship with JPMorgan. "JPMorgan was successful because of its strong global presence, local service delivery, complete alternative asset service package and the comprehensive banking relationship that it can offer to Dallas Police & Fire. Our mandate includes providing financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. spanning the retail, commercial, investment management and custody businesses; in effect, delivering the JPMorgan firm to our client," said Wasp. J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $742 billion and operations in more than 50 countries. The firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services and retail and middle market financial services. A component of the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. , JPMorgan Chase is headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the internet at www.jpmorganchase.com. JPMorgan Investor Services, a division of JPMorgan Chase Bank provides investor related services in more than 80 markets to mutual funds, investment managers, pension funds, insurance companies and banks throughout the world. Information about JPMorgan Investor Services is available on the Internet at www.jpmorgan.com/investorservices. |
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