BNY Mellon has been jointly appointed with Danish financial institution Nykredit to provide global custody, fund administration and related services for Lnmodtagernes Dyrtidsfonds (LD) professional investment fund assets, currently valued at DKK50 billion (approximately $10 billion).
BNY Mellon and Nykredit were selected following a comprehensive EU tender process. BNY Mellon and Nykredit Bank will provide global custody and related services, while Nykredit Porteflje Administration will oversee day-to-day administration.
Nykredit and BNY Mellons joint proposal was the best fit for us, based on the sophistication of their solutions for institutional investors, focus on service quality and superior reporting solutions, says Lars Wallberg, CFO at LD. I believe that we will have the market’s best online tools for our investment team. The solution offers the advantage that we will be able to phase out our existing portfolio management system entirely and thereby reduce our overhead.
Frank Froud, head of Europe, Middle East & Africa (EMEA) at BNY Mellon Asset Servicing, adds: LDs decision demonstrates the strength of our proposition in Denmark and the wider Nordic market. Our global organization, technology and processes will directly support LDs broad asset servicing needs in addition to supporting LD via access to BNY Mellons full suite of value added services.
Jim Isager Larsen, managing director of Nykredit Porteflje Administration, adds: Nykredit and BNY Mellon have established a strong track record in working together in the Danish market to service many of the markets leading institutional investors. This is the most thorough, detailed and professional EU level tender process we have taken part in to date and demonstrates that we can win in direct competition with the best in Europe. LD has taken a full complement of our combined product suite.
(CG)