J.P. Morgan won a hotly-competitive mandate from Swiss rail provider SBB last year. Now, the American bank has nabbed another prestigious mandate off a Swiss rival, finews.com has learned.
With a balance sheet of 38 billion Swiss francs ($38.2 billion), government pension provider Publica is Switzerland's largest public fund – and highly sought-after for business by banks when calls for tenders on the mandate are issued periodically.
In a coup, J.P. Morgan won Publica mandate off Credit Suisse, finews.com has learned. Besides being huge in Swiss franc terms, the quasi-public mandates are hugely symbolic nods of recognition for the American lender, one of Switzerland's largest institutional asset managers.
Publica would represent the second mandate the New York-based bank has won in Bern in short order: last year, Credit Suisse disclosed that it had lost a 13.3 billion franc mandate, causing a 1.8 billion franc net outflow. According to Swiss newspaper «Handelszeitung», the mandate was for railway provider SBB's pension fund, which also elected to drop the Swiss bank in favor of J.P. Morgan.
