UK – The trustee board of the £26bn British Coal Pension Schemes has re-appointed JP Morgan Investor Services as global custodian.
In addition, the re-appointment will include further services including accounting, performance measurement, compliance reporting and securities lending work.
The announcement comes after the first review since the scheme chose JP Morgan three years ago and is a significant business retention for the custodian, since the British Coal schemes are the second largest of their kind in the UK.
Says David Morgan, chief executive of Coal Pension Trustees Services LTD : “We market test all of our services providers to ensure the Schemes continue to receive the best value for money. The trustees were pleased to announce their contract should remain with JP Morgan.”