JP Morgan has closed a custody deal with Nationwide's Gartmore Group covering some $16 billion of mutual fund assets. The mandate covers custody, foreign exchange, cash trade execution, securities lending and commercial banking services for Gartmore Funds, said Tom Swayne, business executive at JPMorgan Investor Services.

Paul Hondros, CEO of Gartmore Group, said that he expects the deal to increase the efficiencies inside the company through the deal and also reduce expenses at Gartmore. "Moreover, we anticipate that JPMorgan will enhance our ability to provide our investment management clients with the high level of service that they have come to expect from Gartmore Group," he added.

Hondros did not provide other details about the mandate.  

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