JPMORGAN PRIVATE EQUITY SERVICES WINS LONDON FUND’S ADMINISTRATION AND REPORTING BUSINESS

Posted March 13, 2008

LONDON – The London Pensions Fund Authority (LPFA), the largest local government pension plan in London with a £3.6 billion ($7.3 billion) portfolio, has chosen JPMorgan Private Equity Fund Services (PEFS) for portfolio administration and performance reporting for its alternative investment portfolio, which is JPMorgan’s first such mandate in the UK.

“We are confident that this arrangement will prove highly beneficial,” says Philip Jones, Investment Manager at LPFA. “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 PEFS will provide LPFA with services including insight on performance, concentration and risk, as well as cash management, cash-flow tracking, performance measurement and analytics.

“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,” says Vanessa James, Investment Director at LPFA.

JPMorgan also provides LPFA with accounting, performance measurement, class actions and securities lending services. JPMorgan has provided custody services for LPFA since 1991. “JPMorgan has worked with LPFA for over 15 years, and we are delighted to be able to extend our relationship with them,” says Benjie Fraser, Head of UK Pensions and Charities for JPMorgan Worldwide Securities Services’ Securities Company.