UK - The £230m (€333.1m) ICI Specialty Chemicals Pension Fund has replaced appointed the Bank of New York as its custodian, resulting in a loss for JP Morgan Chase.

The Bank of New York said in a statement that it has been chosen because of its accounting service and custody capabilities. JP Morgan was not available for comment.

The pension fund was set up after ICI bought a speciality chemical division from Dutch company Unilever in 1997.

As well as the Specialty Chemicals Pension Fund, ICI also contributes to the £7bn ICI UK Pension Fund, spokesman John Edgar told IPE. As of March 31, that fund had a deficit of £470m.

The speciality fund switched £70m (€100m) from equities into emerging market bonds, doubling its stake in the asset class, at the beginning of the year.

Last month the Bank of New York said its assets under custody have risen 18% to $10.3trn.