JP Morgan has been mandated as custodian for a large portion of Finland’s government pension fund Ver in what has been hailed as a “significant” deal for the region.
Following the deal, JP Morgan will provide custodian services to Ver’s equity and fixed income portfolios, said to be valued at about €8 billion. The assets were successfully transferred in September, it was announced on Monday.
Allan Nedergaard, head of platform sales, securities services Nordics at JP Morgan, said: “The Covid-19 pandemic presented unique challenges and we’re delighted to have successfully executed the transfer of assets and services seamlessly, allowed us to begin partnering with Ver as effectively as possible.”
Nedergaard added that the mandate marked an “important milestone” for JP Morgan, which has been operating in the region for over 20 years.
The mandate was awarded following a “competitive” pitch process in which it was decided that JP Morgan’s custodian services best met Ver’s strategic needs.
Tiina Tarma, general counsel at Ver said, “We feel that J.P. Morgan is the right partner for us at these exceptional times. J.P. Morgan’s size, commitment to the business in the Nordic region and state-of-the-art tools were the elements that made VER confident to enter into this partnership.”
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