UK - The London Borough of Southwark has appointed JPMorgan as custodian for its £733m (€1.1bn) pension fund.

Following a review of the funds custody arrangements, which involved several providers, JPMorgan was chosen as custodian for the whole fund.

A large part of the custody services was previously provided by State Street.

Meanwhile, State Street reported that it had expanded its existing relationship with the £649m London Borough of Tower Hamlets pension fund.

Advised by Hymans Robertson the fund added another £240m in assets to an already existing custody mandate run by State Street.

The custody provider also announced that it has been chosen by another four UK-based pension funds for custody services, including the £540m Rolls Royce & Bentley pension fund and the £140m British Medical Association pension scheme. Two smaller mandates were won with the Ockham Pension Scheme (£70m) and the PONL Pension Scheme (£50m).

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