Sweden’s pension fund Sjunde AP-fonden, or AP7, has reappointed BNY Mellon as its global custodian.
The reappointment comes after a procurement process which began in March last year and sees the continuaton of a 14-year relationship between both entities.
Nearly 5 million Swedes have a pension invested with the AP7 portfolio, which has assets under management of over $50 billion (€42.4 billion).
According to Tina Nylund, AP7’s chief operating officer, BNY Mellon met all the pension fund’s custody requirements, and will play a role in its transition to a new operating model.
Nylund added that BNY Mellon “has the digital and data capabilities to help us on our own digital transformation journey.”
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