Royal London picks JP Morgan for €3.2bn custody
UK – Royal London Unit Trust Managers (RLUTM) has appointed JP Morgan Trustee & Depositary Company, the trustee and depositary arm of JP Morgan Investor Services, to provide trustee and custody services for their US$2.8bn (€3.2bn) UK unit trust business.
The appointment is in addition to the existing trustee and custody mandates J.P. Morgan has for RLUTM affiliated companies, Royal London Mutual Insurance Society and Scottish Life Unit Trusts, worth US$20bn and US$3bn respectively.
Says Richard James, director of operations at Royal London Asset Managers: “we decided to appoint J.P. Morgan following a strategic review. The decision reflects our desire to ensure maximum efficiencies for our clients.”