Swedish pension fund provider Första AP-fonden, with SEK 218.8 billion net assets under management, has appointed J.P. Morgan as sole provider of global custody services, including CLS, compliance monitoring, trade matching and fund accounting.
"We are delighted that Första AP-fonden has appointed J.P. Morgan as global custodian following an extensive tendering and evaluation process where candidates were assessed in terms of delivering services with high quality, a high degree of straight through processing as well as competitive pricing" said Bo Thulin, Branch Manager of J.P. Morgan Worldwide Securities Services in Stockholm. "Full support will be provided through our Stockholm Branch and we believe that our local expertise and knowledge, coupled with our global presence, will provide Första AP-fonden with the comprehensive support they require"
"The Nordic region is a strategic market for J.P. Morgan and we continue to commit significant resource to grow our branch network to support our pension fund clients locally" said Benjie Fraser, Pensions Practice Lead for J.P. Morgan Worldwide Securities Services EMEA. "We look forward to working with Första AP-fonden to ensure their specific requirements are met through the combination of our local solutions and expertise and our global capabilities and reach"
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