Following its review of custody arrangements the £3.6 billion London Pensions Fund Authority (LPFA) has re-appointed JPMorgan as its global custodian.
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," said Mike Taylor, Chief Executive at LPFA. "We have found that JPMorgan offers a high quality level of service and good value."
Francis Jackson, head of business development and relationship management at JPMorgan Worldwide Securities Services in Europe, Middle East and Africa, said, "We have worked with LPFA for over 15 years, and we are delighted to continue our long-standing relationship with the scheme. 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 is the leading provider of custody services to the UK pensions sector, with £188 billion of UK pension and charities assets under custody, including over £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.