Nykredit, a Danish financial services firm, has transferred the depositary services for it clients to BNY Mellon.
The two firms have a relationship dating back to 2008 whereby BNY Mellon carried out custody and Nykredit carried out depositary for investors, including “several of the largest” in Denmark.
BNY Mellon said the deal was part of its international growth strategy, which has included the opening of an office in Copenhagen.
The agreement sees “a small team of employees” transfer to BNY Mellon. The team has already worked closely with BNY Mellon for many years, said the firm.
No financial details have been disclosed for the deal.
As of September 30, Nykredit had 332.4 billion Danish krone in assets under management and 897.6 billion Danish krone in assets under administration.
© 2021 funds europe
