UK – The £6.8bn (€8bn) Transport for London (TFL) pension fund has reappointed JP Morgan as global custodian for all its managed assets.

The custodian will also provide performance-measurement services to the fund for the first time.

JP Morgan was first appointed as global custodian by the TFL pension scheme in 1999 and has provided securities lending services since 2000.

According to the TFL pension fund's 2012 annual report, it replaced JP Morgan as manager of its currency overlay programme but kept it on as custodian.

In other news, the £90m Global Marine Systems pension scheme has appointed Aon Hewitt to provide delegated investment consulting services.

Roy Webber, chairman at Global Marine Systems Trustees, said: "Our scheme was in need of a more dynamic approach, and the Aon Hewitt team demonstrated it could provide this, with a review of our strategy leading to a flight plan and more active asset allocation.

"Their delegated services offer us both the option to plan ahead with our scheme more effectively and to make the most of market opportunities."

Global Marine Systems installs undersea cables for the telecommunications industry.

Its pension scheme has 450 members.