International financial organisation JP Morgan Investor Services has held on to a £26bn global custody mandate at the Sheffield-based British Coal Pension Schemes, following a tri-annual review.
The mandate covers the combined assets of the Mineworkers’ Pension Scheme and the British Coal Staff Superannuation scheme and additionally includes accounting, performance measurement, compliance reporting and securities lending.
According to Ramy Bourgi, the firm’s senior vice president and business executive for Europe, Middle East and Africa: “The schemes decided to consolidate their custody with JP Morgan Investor Services in 1998 and reviews are held on a three yearly basis. This is a significant business retention.”
David Morgan, chief executive of Coal Pension Trustees Services (CPTS) said: “We market test all of our service providers periodically to ensure the schemes continue to receive the best value for money.”
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