Mellon Financial Corporation has beaten JP Morgan to the £118bn (€168.6bn) custody mandate for F&C Asset Management, the company formed from last month's merger of Isis Asset Management and F&C Management Holdings.

Last November F&C outsourced its institutional fund administration, along with 90 staff, to Mellon. Isis had agreed a similar outsourcing deal with JP Morgan.

Mellon beats JP Morgan to £118bn F&C mandate

Nick Clark

JP Morgan

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