UK – The £6.8bn (e11bn) ICI Pension Fund has reappointed JPMorgan Investor Services as its global custodian for a further three years following an extensive review.
A spokesperson for the ICI Pension Fund, comments: “The Fund conducted a very thorough review of custody arrangements over the last year and carried out a full tender exercise with the assistance of Thomas Murray. It was a very close fought contest but, in the end, the deciding factors were the continuing reliability of JPMorgan Investor Services performance over the last three years together with their ability to offer the widest range of independent services.”
Ramy Bourgi, executive director, JPMorgan Investor Services Europe, Middle East and Africa, says: “We are delighted to have been re-appointed by the trustee board of the £6.8 billion ICI Pension Fund.
“Retaining custody and associated services from such a large and well respected name as ICI is testament to the strength and quality of the JPMorgan product offering and unrivalled position as service provider to the largest and most complex pension schemes in the UK.”
In addition, the ICI trustees will consider participation in JPMorgan’s securities lending program during the next three months.
ICI Pension Fund was assisted in its review by Thomas Murray, which provides custody evaluation and rating services, network management and securities market information services to wholesale groups and institutional investors.