J.P. Morgans Worldwide Securities Services has been appointed to provide custody and related services to three UK pension funds, expanding its business in the market by 1.2 billion.
PA Pension Scheme, a 410 million fund, has appointed J.P. Morgan to provide custody, accounting and performance measurement to support its recent fiduciary manager appointment. BlackRock has also been appointed fiduciary manager.
London Borough of Camden pension fund consolidated its custody with J.P. Morgan, which has provided custody services for the borough since 2005, after a formal review by Hymans Robertson, the pension consultants. J.P. Morgan was also newly appointed to provide accounting and performance measurement for the pension fund. Before the review, J.P. Morgan shared custody of the fund’s 670 million of assets with BNY Mellon.
In addition, Blackwells Pension Fund, a 115 million pension fund, has appointed J.P. Morgan to provide custody and accounting services.
Benjie Fraser said, These new mandates are testament to our dedication to pension funds of all sizes. We are delighted to be working with these three important pension funds, and look forward to helping them best serve their members by providing them with market-leading products and client service.