BNY Mellon has been appointed by the State Pension of Finland to provide global custody for all of its direct equity and fixed-income instruments, which are valued in the region of €7.5 billion.
It replaces J.P. Morgan for this mandate following a tendering process.
BNY Mellon says its ability to provide a straight-through processing interface to Valtion Eläkerahasto’s (VER) existing technology platforms was one of a number of factors that influenced the pension fund’s decision.
General Counsel Tiina Tarma at VER, says: “We initiated a transparent review of global custody service providers which ranked candidates on a weighted basis across a range of key criteria. A thorough analysis of the results saw BNY Mellon returning the highest overall score and accordingly we have selected the company to be VER’s new global custodian.”
BNY Mellon Replaces J.P. Morgan as Global Custodian for VER
BNY Mellon has been appointed by the State Pension of Finland to provide global custody for all of its direct equity and fixed-income instruments, which are valued in the region of €7.5 billion.