J.P.Morgan Trustee & Depositary Company Limited, the trustee and depository arm of JPMorgan Investor Services, announced today that it has been appointed by Royal London Unit Trust Managers Ltd to provide trustee and custody services for their UK Unit Trust business totalling $2.8 billion.
This mandate is in addition to the $20 billion of assets for which Royal London Mutual Insurance Society appointed JPMorgan as custodian in April 2001, and the existing Trustee and Custodian services supplied to the $3 billion Scottish Life Unit Trust range.
Royal London Unit Trust Managers Ltd is one of the top 20 unit trust companies in the UK. Royal London Mutual Insurance Company is the second largest mutual insurance company in the UK and has grown substantially in the last two years through the acquisition of United Assurance Group and Scottish Life Assurance Company.
Richard James, Director of Operations at Royal London Asset Management said, “Following a strategic review, we decided to appoint JPMorgan as our new Trustee and Custodian for our Unit Trust assets. The decision reflects our desire to ensure maximum efficiencies for our clients and, JPMorgan’s market leading trust and fiduciary services coming together with JPMorgan Investor Services high-level of professionalism and insight offers a powerful combination in our view.”
Tim Gandy, Managing Director of J.P. Morgan Trustee and Depositary Company Limited said “We are delighted to have been appointed by Royal London Unit Trust Managers Ltd and are looking forward to providing our Trustee and Custodian services across the groups whole range of unit trusts. This selection further confirms JPMorgan Investor Services’ premiere level of client service, industry performance and professional expertise.”