TOP OPERATIONS EXECUTIVE: Conrad Kozak, JPMorgan Chase
From his perch as CEO of Worldwide Securities Services at JPMorgan Chase, Kozak oversees a team of 12,000 employees and manages a complex and global swath of operations-oriented bank services.
In 2009, WSS won through a competitive process the largest custodian mandate of the year when it was selected to serve as custodian for the $500 billion U.S. Federal Reserve program to purchase mortgage-backed securities (MBS).
The program was designed to purchase up to $500 billion in such securities backed by Fannie Mae, Freddie Mac and Ginnie Mae. The goal was to foster improved conditions in financial markets. At present, the trading part of the program has ceased, but JPMorgan continues to act as the custodian of the assets.
Participants involved in the investment management side of program were BlackRock Financial Management, Goldman Sachs Asset Management, Pacific Investment Management (Pimco) and Willington Management.
In 2010, WSS won custody and related service mandates that included John Lewis Partnership Pensions Trust, which has in excess of $1.2 billion in total assets under management; Transatlantic Holdings, Inc., an international reinsurance organization with $11 billion under management; BankInvest, an asset manager and provider of investment funds in the Nordic region with $23 billion under management and administration; Nasdaq OMX, which appointed JPMorgan as custodian for its derivatives markets; and AQR Capital Management, the adviser to AQR Funds, which required a full suite of fund administration, prime-custody and related services for the firm's mutual funds, with more than $2 billion in assets.