JP Morgan Securities Services has won the world's largest custody mandate to date, after it was chosen to manage the $700bn (€560bn) mortgage-backed securities portfolio of US investment giant Freddie Mac.

JP Morgan will provide transaction processing and recordkeeping services for Freddie Mac. In addition to the $700bn MBS portfolio, JP Morgan will also service Freddie Mac's $70bn portfolio of short-term assets that support its mortgage investment and debt-funding activities.