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Devon CC has appointed JPMorgan to provide sole global custody and related services for its £2.2bn pension fund. This is not the first partnership between the two. JPMorgan, a ‘global industry leader' with £15.9tn in assets under custody, previously serviced around £250m of the Devon CC portfolio. ‘This appointment comes after an extensive review and tender which was conducted with the assistance of Thomas Murray,' said Barry White, investment manager of Devon CC council pension fund. ‘Our overall perception of JPMorgan was one of proactivity and a willingness to work with Devon. We were very impressed with the package offered by JPMorgan.' Benjie Fraser, head of pensions and charities for JPMorgan, said his firm welcomed the opportunity to extend the relationship and explained that alongside providing custody it would also offer accounting and other value-added services. Hammersmith & Fulham LBC is currently seeking to award a £120m dynamic asset allocation magnate, following an investment review. The council was seeking tenders for a dynamic asset allocation manager for £120m – at least 25% – of its pension fund, a council spokesman explained. He said: ‘Following a review of the investment strategy of the fund, led by its investment adviser, P-Solve, the council has decided to move away from indexed equities and is looking for a manager who will make judgements on asset allocation. The council is looking to retain all its existing managers for the remainder of the fund.' As reported in The MJ last month, following the American subprime saga, many senior council financial figures and independent investment advisers are closely monitoring pension funds and their investments.

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BUSINESS

Global leader to oversee Devon CC's £2.2bn fund

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