LPFA on prowl for global custodian

UK – The 2.5 billion pound (3.6 billion euro) London Pension Fund Authority (LPFA) has put out a tender for a global custodian.

JPMorgan Investor Services currently provide custody services to the fund, and will be asked to re-tender. Said a spokeswoman of the LPFA, “JPMorgan has been custodian for the fund for over 10 years, but the market has evolved and it is time to see what else is out there. There is nothing untoward about the mandate. It is just a standard exercise.”

Tenders must be received by midday on 15 August 2003. The contract start for the custodial services is expected to be 1 April 2004.

Last week Newton Fund Managers, the UK asset management subsidiary of Mellon Financial Corp, replaced JPMorgan Investor Services with ABN AMRO Mellon Global Securities Services as custodian for its 7.9 billion euro exempt and private investment management fund ranges.

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