A $34 billion public sector fund has appointed a new custodian, ending a 19 year-long relationship with J.P. Morgan. : A $34 billion public sector fund has appointed a new custodian, ending a 19 year-long relationship with J.P. Morgan. In September last year, Funds SA said it had invited seven custodians to submit proposals: the incumbent J.P. Morgan, NAB, Northern Trust, RBC, State Street, BNP Paribas and Citi. It appointed Mercer Sentinel to advise on the tender process.