JP Morgan is to provide custodial services to TIAA-CREF, the world's biggest pension fund based in the US, as well as to Merrill Lynch's new mutual fund following a competitive selection process.

The deal with JP Morgan's Investor Services (JPMIS) will see the financial services provider become the custodian for the $4.2bn (€4.25bn) mutual, institutional and life funds for the Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF). JP Morgan has a relationship with the fund dating back more than two decades.