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Pensions

Nordea and The Bank of New York Appointed Global Custodian for $7 Billion Swedish AP7 Pension Fund

Strategic Insights

— 1 min read

Nordea, a leading financial services provider in the Nordic region, and The Bank of New York, a global leader in securities servicing, have been appointed as the global custodians for the $7 billion Swedish AP7 Pension Fund. The two companies were joint bidders for the mandate, which follows their strategic agreement announced in August 2005. The partnership aims to provide global custody services to Nordea's institutional clients in the Nordic and Baltic Sea regions.

Key Takeaways:

  • Nordea and The Bank of New York were joint bidders for the global custodian mandate for the $7 billion Swedish AP7 Pension Fund.
  • The partnership aims to provide global custody services to Nordea's institutional clients in the Nordic and Baltic Sea regions.
  • The appointment represents the first win for the two companies following their strategic agreement announced in August 2005.
  • Peter Norman, executive president of AP7, commented on the selection process, stating that Nordea and The Bank of New York presented a robust global custody solution that meets the needs of the fund.
  • The partnership offers a compelling, robust securities servicing solution to customers in the region, with a growing commitment to the Nordic market.
  • Birger Gezelius, Head of Nordea's Financial Institutions Division, emphasized the importance of the market becoming more transparent and the need for an enhanced offering to address this change.

Statistics:

  • The Swedish AP7 Pension Fund has a total asset value of $7 billion.
  • The partnership between Nordea and The Bank of New York aims to provide global custody services to Nordea's institutional clients in the Nordic and Baltic Sea regions.
  • The Bank of New York Company, Inc. has a global client base including over 100 markets worldwide.
  • The Company's principal subsidiary, The Bank of New York, was founded in 1784 and has consistently played a prominent role in the evolution of financial markets worldwide.
  • The Nordea Group has almost 11 million Nordic customers and 1,150 branch offices.

Sources:

  • "Nordea and The Bank of New York Win Major Pension Fund Custody Mandate" (Source)
  • The Bank of New York Company, Inc. (www.bankofny.com)
  • Nordea (www.nordea.com)

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