J.P. Morgan wins US$200 billion California custody mandate
08 August 2025 US
Image: Oleksii/stock.adobe.com
J.P. Morgan has secured a mandate from the California State Treasurer’s Office (STO) to provide custody services for US$200 billion in assets, including those in the state’s investment portfolio and pledged by insurers. The transition of assets from incumbent Citi was completed on 18 July.
The deal expands J.P. Morgan’s role in the public treasury space, particularly in California, and builds on more than three decades of collaboration with the STO. Since 2010, the firm has served as STO’s depository bank and has assisted with securities transactions for its self-directed portfolio.
Scott Markowitz, Americas head of custody for J.P. Morgan Securities Services, says: “J.P. Morgan’s Securities Services business is fully committed to delivering strategic solutions to asset owners. We are proud to have earned this mandate to safeguard the assets of California’s State Treasurer Office and further deepen our longstanding firmwide partnership with the State.”
The mandate gives STO access to J.P. Morgan’s full suite of asset owner servicing capabilities, including operational support and tailored cash and trade management solutions, alongside real-time oversight and reporting.
Victoria Tadross, head of US asset owners sales at J.P. Morgan Securities Services, comments: “We believe this mandate underscores the success of our hands-on service model, flexible platform and tailored solutions for internally managed asset owners, enabling optimisation of their operating model. Our expertise supporting insurers will also enable STO to provide automated, real-time reporting for statutory deposits pledged to the state.”
The STO appointment adds to J.P. Morgan’s recent growth in the US asset owner sector. In the first half of 2025, the firm secured custody mandates covering more than US$500 billion in institutional client assets. The bank also reported a record US$38 trillion in assets under custody and an all-time-high quarterly custody revenue of US$1.4 billion.
The deal expands J.P. Morgan’s role in the public treasury space, particularly in California, and builds on more than three decades of collaboration with the STO. Since 2010, the firm has served as STO’s depository bank and has assisted with securities transactions for its self-directed portfolio.
Scott Markowitz, Americas head of custody for J.P. Morgan Securities Services, says: “J.P. Morgan’s Securities Services business is fully committed to delivering strategic solutions to asset owners. We are proud to have earned this mandate to safeguard the assets of California’s State Treasurer Office and further deepen our longstanding firmwide partnership with the State.”
The mandate gives STO access to J.P. Morgan’s full suite of asset owner servicing capabilities, including operational support and tailored cash and trade management solutions, alongside real-time oversight and reporting.
Victoria Tadross, head of US asset owners sales at J.P. Morgan Securities Services, comments: “We believe this mandate underscores the success of our hands-on service model, flexible platform and tailored solutions for internally managed asset owners, enabling optimisation of their operating model. Our expertise supporting insurers will also enable STO to provide automated, real-time reporting for statutory deposits pledged to the state.”
The STO appointment adds to J.P. Morgan’s recent growth in the US asset owner sector. In the first half of 2025, the firm secured custody mandates covering more than US$500 billion in institutional client assets. The bank also reported a record US$38 trillion in assets under custody and an all-time-high quarterly custody revenue of US$1.4 billion.
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