UK - The two main UK coal industry pension schemes have retained JP Morgan Worldwide Securities Services to serve as global custodian for £18.5bn (€27.4bn) in assets following a review.

JP Morgan said it had been retained by the £8bn British Coal Staff Superannuation Scheme and the £10.5bn Mineworkers Pension Scheme.

The funds were advised by consulting firm Thomas Murray. Scheme chief executive David Morgan said: "We are delighted to continue our relationship with JP Morgan Worldwide Securities Services".

"We think JP Morgan provides us with high quality of service and great value."

"The appointments reaffirm our market position as the leading provider of custody services in the UK pension sector," said Richard Warne, head of relationship management at JP Morgan WSS in Europe.

The British Coal Staff Superannuation Scheme provides pensions to 67,000 former managerial and clerical staff of British Coal, while the Mineworkers fund serves 290,000 former industrial employees.
Meanwhile, JP Morgan also said that it has signed its previously announced investment operations outsourcing contract with Threadneedle Investments.
They expect to transfer operational control of Threadneedle's Swindon-based investment operations function to JP Morgan in October.

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