JPMorgan takes over BNY's share of Royal Mail

Royal Mail has appointed JPMorgan as the sole global custodian of its GBP22bn assets.

The deal sees JPMorgan Worldwide Securities Services snatch Bank of New York’s (BNY) GBP2.2bn holding.

The move comes after reports of a huge shortfall in Royal Mail’s pension scheme, totalling as much as GBP56bn.

The financial services firm has acted as global custodian for Royal Mail since 1999 along with BNY, but this recent move leaves it as the sole guardian of the company’s segregated assets.

A spokeswoman for the company said: “We wanted to get the best service going,” adding: “Consolidating our assets in one place will help us to achieve the most effective monitoring and cost servicing.”