BNY Mellon has been reappointed by Swedish state pension fund Sjunde AP-fonden (AP7) to provide global custody and collateral services to assets valued at $28.8 billion.
The new mandate includes securities lending services in addition to a comprehensive range of collateral-related solutions. AP7 will also continue to utilise DM Edge, BNY Mellon’s derivatives margin management platform.
Svante Linder, chief operating officer at AP7, said: “We are happy to have reappointed BNY Mellon as our global custodian. All of the objectives we had set out in advance of this process have been met; BNY Mellon now provides our savers with a safer, better custody product. We look forward to further strengthening and enhancing our relationship with BNY Mellon going forward.”
Hani Kablawi, head of asset servicing for Europe, Middle East & Africa at BNY Mellon, said: “The thorough evaluation that AP7 conducted during this selection process is to be commended and the fact that it culminated in an extension of our valued relationship demonstrates BNY Mellon's expertise and commitment in support of our clients' fast-evolving investment services needs."
“In addition to our long track-record as a global custodian, our global collateral services business brings together an expansive and growing range of collateral solutions that ensure AP7 and our other clients have the best tools available to help them successfully navigate the ongoing changes that are reshaping the commercial and regulatory landscape here in Europe.”
BNY Mellon was first appointed as AP7’s service provider in 2006.
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