Danske Bank PLC has been appointed as custodian for Finland’s state pension fund (VER).
After a transparent review of service providers, the bank was chosen to provide global custody for direct equity, exchange-traded funds and fixed-income instruments.
The transition of the pension fund’s instruments is scheduled for 31 May.
Tiina Tarma, general counsel at VER, said: “In 2014 we initiated a transparent, EU-wide review of global custody service providers, which ranked candidates on a weighted basis across a range of key criteria.”
Minna Saonegin, head of global custody for Finland at Danske Bank, added: “We are delighted for the opportunity to offer our custody services to a customer as versatile and large as the state pension fund. They are one of the most significant investors in Finland and the magnitude of their business will help us to further develop our services.”
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