JPMorgan's custody arm has won its first mandate from a private equity firm in Russia in a move that could help improve transparency in that market. It comes as Russian firms target $6.1bn (€4.5bn) for funds, about six times more cash than they raised last year.

JPMorgan looks set to improve transparency to investors in Russian private equity funds as it enters the Russian private equity fund administration market. The move has come as Russian firms target $6.1bn (€4.5bn) for funds, about six times more cash then they raised last year.