JPMorgan Worldwide Securities Services is to provide custody and fund accounting services for the London Borough of Southwark Council’s 733 million pension fund.
“We are looking forward to our new relationship with JPMorgan Worldwide Securities Services,” says Dave Howes, the assistant finance director of London Borough of Southwark. “After an extensive review, we decided that JPMorgan’s high level of service and strong position in the UK made it an ideal partner for us.”
“We are delighted to have the opportunity to work for Southwark Council,” adds Benjie Fraser, the head of sales and relationship management for UK pension funds and charities at JPMorgan Worldwide Securities Services. “This new mandate is a testament to our high quality services and our strong commitment to develop relationships with the entire pensions industry in the UK and Continental Europe.”
Separately, JPMorgan Transition Management recently completed an asset restructure for the Southwark Pension Fund. The transition saw the restructure of 520 million of equity assets divided among three fund managers. The transition was completed on time and within predicted cost estimates. The transaction is an example of JPMorgan’s growth in transition business from the UK Local Authority Pension sector.