London Pension Funds Authority (LPFA) has reappointed JPMorgan Investor Services (JPMIS) as global custodian for its £2.8 billion portfolio for another three-year stint.
JPMIS will also continue to provide investment accounting services and discretionary securities lending activities to the fund, a spokesman for JPMIS said.
LPFA made its choice with the assistance of Thomas Murray, the specialist custody consultancy.
“We are delighted to be extending our relationship with JPMorgan with this new contract. We received excellent submissions from all the leading custodians, but JPMorgan’s proved the most persuasive in terms of quality of service and value for money,” said Peter Scales, Chief Executive of LPFA.
Sue Curtis, UK Client Management Executive, JPMorgan Investor Services, said, “JPMorgan has had a long association with the LPFA, and we very much enjoy working with them. This appointment reaffirms our unrivalled market position in the UK Pensions sector.”
LPFA is the largest Local Government Pension Scheme provider in London with over 70,000 members and one of the largest in England.