The London Pension Fund Authority (LPFA) has reappointed JPMorgan Worldwide Securities Services as custodian to its 3.6 billion fund.
JPMorgan has provided custody services for LPFA since 1991 and also provides accounting, performance measurement and securities lending services.
“JPMorgan has been our long-standing trusted provider of custody and related securities services, and we are happy to extend our relationship with them,” says Mike Taylor, Chief Executive at LPFA. “We have found that JPMorgan offers a high quality level of service and good value.”
“We have worked with LPFA for over 15 years, and we are delighted to continue our long-standing relationship with the scheme,” says Francis Jackson, head of business development and relationship management at JPMorgan Worldwide Securities Services in Europe, Middle East and Africa. “The re-appointment reaffirms our leading market position for custody services in the UK, and a provider of choice for pension funds of various sizes.”
JPMorgan says it has 188 billion of UK pension and charities assets under custody, and that it secured 18 billion of new UK pension custody wins in the fourth quarter 2006.
The LPFA is the largest local government pension scheme provider in London, providing administration to over 150,000 members. It also carries out third party administration for hundreds of employers for local authorities.