JPMorgan Investor Services (JPMIS) says Royal London Asset Management (RLAM) has agreed to outsource to the bank all the fund accounting activities for its unit trusts.
Joe Rondinelli, head of Fund Servicing Sales at JPMIS, said he was pleased with the mandate. “To have won a client of Royal London’s size and quality further supports our strategy of making a significant investment in our outsourcing and accounting operations in Scotland,” he says.
The arrangement will cover 18 individual Royal London and Scottish Life unit trusts with 4.5 billion in assets. Under the agreement, 16 employees will transfer from RLAM in Edinburgh to JPMorgan in Edinburgh Park.
“This is an important step for RLAM in shaping our retail service provision in the best way to meet the business challenges we face now and over the foreseeable future,” says Richard James, head of Operations at RLAM. “JPMorgan’s commitment to Scotland and our staff was of particular importance to us in choosing them as a partner.”