BNY Mellon has been appointed as global custodian of Valtion Eläkerahasto (VER), the state pension fund of Finland.
The appointment is for all direct equity and fixed-income instruments, which are valued in the region of €7.5 billion.
VER has chosen BNY Mellon for the bank’s ability to provide a straight-through processing interface to technology platforms that it already uses.
Tiina Tarma, general counsel at VER, commented: “We initiated a transparent review of global custody service providers which ranked candidates on a weighted basis across a range of key criteria.”
“A thorough analysis of the results saw BNY Mellon returning the highest overall score and accordingly we have selected the company to be VER's new global custodian.”
Hani Kablawi, head of asset servicing for Europe, the Middle East and Africa at BNY Mellon, added: “We are strongly committed to supporting our clients in Finland, and our track-record underlines our ability to offer leading European institutions like VER a compelling mix of innovative solutions, high quality service, local expertise and global insight.”
