UK - JP Morgan Investor Services has been reappointed as global custodian to the £6.8bn ICI Pension Fund.
JP Morgan’s existing three year contract has been extended for a further three years at the chemical giant’s fund. The firm will provide custody and fund accounting services.
In addition, the ICI’s trustees will consider participation in JP Morgan’s securities lending program during the next three months.
Commenting on the appointment, ICI said: “The Fund conducted a very thorough review of custody arrangements over the last year and carried out a full tender exercise.
“It was a very close fought contest but, in the end, the deciding factors were the continuing reliability of JP Morgan Investor Services performance over the last three years together with their ability to offer the widest range of independent services .”
The review was advised by Thomas Murray.
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