London Pension Funds Authority (LPFA) has reappointed JPMorgan Investor Services (JPMIS) as global custodian for its Ј2.8 billion portfolio for a further three years.
JPMIS will also continue to provide investment accounting services and discretionary securities lending activities to the fund.
The pension fund was assisted in its review by Thomas Murray, the specialist custody consultancy.
“We are delighted to be extending our relationship with JPMorgan with this new contract,” says Peter Scales, Chief Executive of LPFA. “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.”
Sue Curtis, UK Client Management Executive, JPMorgan Investor Services, said she was pleased to retain the business.
LPFA is the largest Local Government Pension Scheme provider in London with over 70,000 members and one of the largest in England.