NORDICS - JPMorgan Worldwide Securities Services is to take over Nordea's custody business, handling assets worth €200bn ($315.8bn), and expand its local deposit activity in Scandinavia.
Conrad Kozak, global head of JPMorgan's Securities Company, commented on its commitment to the Nordics: "A key cornerstone of our strategy is to align ourselves more closely in-region with clients.
"To that end, this acquisition is the next stage of evolution of our Nordic expansion."
JPMorgan began working in the Nordic region over 14 years ago and said it considered the region to be one of the fastest growing asset servicing markets in the world, with current totals passing $2trn.
Birger Gezelius, head of financial institutions, Nordea, said it had relinquished this section of its business as it wanted to focus on services where it could truly add value to its customers.
Gezelius continued: "Our current institutional clients will gain access to JPMorgan's best-in-class global custody offering and value-added services, while allowing us to strategically focus on our core competencies."
JPMorgan said it intended to expand its depository services for mutual funds to Denmark, Norway and Finland and grow its presence in Sweden.
The custodian said it would increase its workforce in the region from around 30 staff to 75, subject to regulatory approval.
JPMorgan, through its investment bank arm, has also joined forces with carbon reduction pioneer, ClimateCare, to invest in large scale projects and develop a liquid market for this area of tradion.
The bank would acquire the organisation and continue working on projects to reduce carbon emissions and trade the generated credits.
Blythe Masters, head of commodities, JPMorgan, said: "Clients are seeking to reduce their emissions both due to regulations and out of social responsibility.
"A big challenge needs a big approach. It is fitting that a first tier financial institution like JPMorgan is now backing the pioneering work of ClimateCare."
Mike Mason, founder, ClimateCare, said: "Together with JPMorgan, ClimateCare can now deliver its expertise on a truly global scale, and work with hundreds of major partners around the world to facilitate the roll-out of low-carbon technologies at the scale and pace required to make a genuine difference to our environment."
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