UK's LPFA re-appoints custodian

UK – The London Pension Funds Authority has reappointed J P Morgan Investor Services as global custodian for its 2.8 billion-pound (4.14 billion-euro) portfolio.

Amanda Walker, head of finance and investments at the London government pension scheme provider told IPE that the selection process, started nine months ago, saw four candidates short-listed. In the end it tapped J P Morgan “to consolidate”, Walker said.

Stressing that the authority, which has acted with the aid of custody consultancy Thomas Murray, had found the short-listed candidates “ excellent”, Walker said that JP Morgan had been “the most persuasive”.

Peter Scales, chief executive of LPFA, said: “J P Morgan proved the most persuasive in terms of quality of service and value for money.”

Sue Curtis, UK client management executive at JPMIS, said: “J P Morgan has had a long association with the LPFA and we very much enjoy working with them. This appointment reaffirms our unrivalled market position in the UK Pensions sector.”

LPFA is the largest local government pension scheme provider in London with over 70,000 members and one of the largest in England.

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