SWEDEN Pension fund provider Första AP-fonden (AP1) has appointed J.P. Morgan Worldwide Securities Services as sole provider of global custody services.
The appointment includes responsibility for CLS, compliance monitoring, trade matching and fund accounting, the firm said.
AP1 is one of Sweden's largest pension managers and invests in equities, fixed income securities, foreign exchange and alternative investments worldwide. At year-end 2010, it had net assets under management of SEK 218.8bn. It is one of five buffer funds in the Swedish pay-as-you-go pension system whose role is to maximise long-term return on investment with a low level of risk.
"We are delighted that Första AP-fonden has appointed J.P. Morgan as global custodian following an extensive tendering and evaluation process where candidates were assessed in terms of delivering services with high quality, a high degree of straight through processing as well as competitive pricing," said Bo Thulin, branch manager of J.P. Morgan Worldwide Securities Services in Stockholm.
"Full support will be provided through our Stockholm Branch and we believe that our local expertise and knowledge, coupled with our global presence, will provide Första AP-fonden with the comprehensive support they require."
J.P. Morgan Worldwide Securities Services EMEA pensions practice lead Benjie Fraser added: "The Nordic region is a strategic market for J.P. Morgan and we continue to commit significant resource to grow our branch network to support our pension fund clients locally."
The mandate win comes a day after the firm announced its appointment as global custodian to the €500m ($700.6m) Stichting Bedrijfstakpensioenfonds voor de Groothandel in Levensmiddelen (Bpf GIL) in the Netherlands. (Global Pensions: 23 May 2011)
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