Royal London outsources E6.75bn to J P Morgan
UK - Royal London Asset Management is to outsource 4.5 billion pounds (6.75 billion euros) in unit trust fund accounting to J P Morgan Investor Services.
J P Morgan said in a statement that it had entered into "heads of agreement" RLAM to outsource all the fund accounting activities for RLAM's unit trust range. Financial terms of the deal were not disclosed.
It added the arrangement will cover 18 RLAM unit trusts with 4.5 billion pounds in assets. "Under the agreement 16 employees will transfer from RLAM in Edinburgh to J P Morgan in Edinburgh Park."
"We are very pleased with this appointment," said Joe Rondinelli, J P Morgan's head of fund servicing sales. "To have won a client of Royal London's size and quality further supports our strategy of making a significant investment in our outsourcing and accounting operations in Scotland."
"This is an important step for RLAM in shaping our retail service provision in the best way to meet the business challenges we face now and over the foreseeable future," said Richard James, RLAM's head of operations.
RLAM and its sister firm Royal London Cash Management have around 23 billion pounds in assets under management.