UK - The €5.6bn (£3.8bn) UK pension fund of household goods giant Unilever has appointed JP Morgan's asset management arm to run a £440m global equities mandate.

The assets will be invested in one of the company's global equity products and managed on a segregated basis, the firm said in a statement.

The Unilever plc Pension Fund was advised by Frank Russell Company.

Meanwhile, JP Morgan's custody division has won Edmund Truell's fledgling pension buy-out company, Pension Insurance Corporation (PIC), as a client.

London-based PIC commented that the appointment of JP Morgan Worldwide Securities Services was made following an extensive search of custodians.

JP Morgan, which according to a spokeswoman was appointed a number of weeks ago, also provides fund accounting, performance measurement and compliance reporting services to PIC.

The spokeswoman added: "We are looking at offering additional services in the future."

Tracy Blackwell, investment partner at PIC, said: "We decided that JP Morgan's leading product and service offering, coupled with their fully integrated approach to supporting our developing needs made them a perfect partner for us."

It is unclear if the company is tendering for any other services.

Late last month it appeared that Mark Gull, senior fund manager at Morley Fund Management, will head PIC's fixed income asset management.

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