ATP (Arbejdsmarkedets Tillægspension), the Danish Labour Market Supplementary Pension Scheme and its subsidiaries, has appointed Northern Trust to provide custody and related services to approximately $106 billion of pension fund assets.
Under the terms of the agreements, Northern Trust will provide custody and collateral management services for the pension fund, ranked the largest in Denmark.
“We appointed Northern Trust based on their ability to deliver a tailored custody and collateral management solution that supports our objective of achieving consistently top rates of operational efficiency,” said Henrik Gade Jepsen, CIO at ATP. “Their established presence and experience supporting pension funds, as well as their global servicing capabilities were key factors in their appointment.”
Listed as a top 20 pension fund globally by the directory “International Pension Funds and their Advisors”, ATP administers a number of schemes under statutory regulation. Its purpose is to pay a lifelong supplementary pension to wage earners in Denmark on the basis of payments from wage earners and employers.
“ATP is one of the largest and most highly-regarded institutional investors in the world and we are delighted to extend our custody and asset servicing solutions to this Danish fund,” said Steven L. Fradkin, president of corporate and institutional services group at Northern Trust. “By combining our expertise and on the ground presence with our scale as a global custodian and fund administrator, we believe we are well positioned to support the needs of sophisticated institutions such as ATP and look forward to working with them and other Danish clients in the future.”
“Northern Trust works with some of the most sophisticated, premier institutional funds and investment managers in the Nordics,” said Wilson Leech, CEO of Europe, Middle East and Africa at Northern Trust. “Particularly as our clients navigate the evolving regulatory landscape and face an increasingly challenging economic environment, they look to us to not only provide them with high-quality services to support their investment management decision making, but also the ability to partner with them for the long term and adapt with them as their requirements change.”
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