London Pensions Fund Authority Selects JPMorgan For Alternative Investment Portfolio Administration
London.- JPMorgan announced today that it has been selected by London Pensions Fund Authority (LPFA), the largest local government pension scheme in London, to provide portfolio administration and performance reporting for their alternative investment portfolio. The mandate represents JPMorgan’s first Alternative Investment Portfolio Administration outsourcing agreement in the U.K, and complements JPMorgan’s existing European private equity client base.
JPMorgan Private Equity Fund Services (PEFS) will provide LPFA with a set of comprehensive services to give greater insight on the performance, concentration and risk across the alternative investment portion of their assets. The services include cash management, cash flow tracking, performance measurement and analytics. There is also a sophisticated board-quality reporting capability.
JPMorgan is the global custodian for LPFA’s £3.6 billion portfolio, and also provides the Authority with accounting, performance measurement, class actions and securities lending services. JPMorgan has provided custody services for LPFA since 1991.
“JPMorgan has been our long-standing trusted provider of custody and related securities services, and we are pleased to extend our relationship with them to also include Private Equity Fund Services,” said Vanessa James, Investment Director at LPFA.
Philip Jones, Investment Manager at LPFA, said “We are confident that this arrangement will prove highly beneficial. The LPFA has a considerable and growing exposure to alternative assets and we were rapidly reaching the point where the increased demands and requirements relating to disclosure, transparency and the calculation of underlying performance either required a considerable increase in internal costs and resources to meet them, or for us to consider another more cost effective solution altogether. By teaming up with JPMorgan, we have achieved this comprehensively, efficiently and relatively quickly.”
“JPMorgan has worked with LPFA for over 15 years, and we are delighted to be able to extend our relationship with them,” said Benjie Fraser, head of UK pensions and charities for JPMorgan Worldwide Securities Services’ Securities Company.
Huw Jones, EMEA Regional Head for PEFS, added: “Our experienced team will serve as an independent source of finance and performance analytics information, so the Authority can focus its internal resources on maximizing investment returns.”
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