SWEDEN - The e15bn AP1, Sweden's first national fund, is tendering for a global custodian.
Citibank has been the scheme’s custodian for more than ten years and fund officials have cited the “need for a new benchmarking and pricing” as reasons for the change.
The fund said it was reviewing its arrangements for the global custody and related services (which may include securities lending, fund accounting, performance measurement, mandate compliance monitoring, clearing facilities for futures and options and other services) and was seeking to appoint one global custodian to handle the custody and related services through proprietary or sub-custodian networks.
AP1 is currently a clearing member of the Swedish Clearing organisation, VPC, and custodian of all Swedish bonds and equities and the fund said that it may elect to include these services as part of the global custodian services to be offered by the service provider.
“The fund is looking for an applicant that can offer requested services with a high degree of straight through processing, high service quality and a competitive pricing,” said AP1.
Deadline for tender is March 29, 2004.
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