London, 1 March 2007 Following a review by the London Borough of Southwark Pension Fund, JPMorgan Worldwide Securities Services today announced it has been appointed to provide custody and fund accounting for Southwark Council's £733 million pension fund.
Dave Howes, assistant finance director of London Borough of Southwark said, "We are looking forward to our new relationship with JPMorgan Worldwide Securities Services. 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."
Benjie Fraser, head of sales and relationship management for UK pension funds and charities at JPMorgan Worldwide Securities Services, said, "We are delighted to have the opportunity to work for Southwark Council. 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 £520m 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.
About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is the global industry leader with $13.9 trillion in assets under custody. JPMorgan provides innovative custody, fund accounting and administration and securities services to the world's largest institutional investors, alternative asset managers and debt and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 90 markets to help clients optimize efficiency, mitigate risk and enhance revenue through a broad range of investor services as well as securities clearance, collateral management and alternative investment services. For more information, please visit www.jpmorgan.com/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.