UK – JP Morgan Worldwide Securities Services says it has been handed an extra £2.2bn (€3.19bn) in assets by the Royal Mail Pension Plan.
The transfer comes in a move by the £22bn scheme to “bring all of its segregated assets under one global custodian”, the bank said in a release.
The decision represents a loss for incumbent firm Schroders, which had no comment. JP Morgan has been global custodian for the fund since 1999.
“We were delighted that a valued client like Royal Mail Pension Plan has consolidated this additional £2.2bn of assets with us,” said Richard Warne, head of relationship management at JP Morgan WSS in Europe, Middle East and Africa.
“We will continue to provide them with the top service we bring to all of our clients.”
The Royal Mail win follows losses for JP Morgan at Railpen and the Merchant Navy Officers Pension Fund, which were reported last month.
Last month it emerged that the Royal Mail Pension Fund had appointed Law Debenture Pension Trust Corp. as a trustee.