J.P. Morgan’s Investor Services business has announced that two leading Norwegian institutional investors have transitioned their global custody business to J.P. Morgan, part of an ongoing client-transfer process since J.P Morgan acquired Nordea’s institutional custody business earlier this year. The investors had been global custody clients of Nordea.
Gjensidige Forsikring, a Norwegian non-life insurance company, and Folketrygdfondet, an asset manager for the Government Pension Fund in Norway, are now global custody clients of J.P. Morgan Investor Services.
In March, J.P. Morgan announced that it had acquired the institutional global custody business of Nordea. As a result of the acquisition, J.P. Morgan Europe Limited established four new branches in the region, located in Oslo, Stockholm, Helsinki and Copenhagen.
“We are delighted to work for these two leading Nordic institutional investors and look forward to extending our relationship with them,” says Peder Sunde, manager of J.P. Morgan’s Oslo branch. “These clients will be serviced out of our Norwegian office, which is a key cornerstone of our strategy to align ourselves closely in-region with clients.”