J.P. Morgan has won the mandate to provide custody services for 28 listed investment funds managed by BankInvest with approximately $9 billion assets under management.
BankInvest is owned by a number of local and regional banks in Denmark. Sydbank, Spar Nord, Ringkjbing and Amagerbanken previously acted as custodians to the Denmark-based funds.
Francis Jackson, head of Business Development for J.P. Morgan Securities Services EMEA, said: “We are delighted that BankInvest has selected J.P Morgan to provide custody services. Our significant investments in technology, and the broad scope of our services, mean we are well positioned to serve BankInvest’s complex requirements.”
Allan Nedergaard, director, J. P. Morgan Europe (UK), Copenhagen Branch, said: “We are uniquely positioned as a global custodian with local Danish FSA approval to act as depositary for mutual fund clients regulated in Denmark. The BankInvest mandate demonstrates the success of our strategy to provide local capabilities supported by our global size. We look forward to leveraging our global reach, and understanding of the local market, to provide BankInvest with custody and related solutions.”
“We are pleased to have appointed J.P. Morgan as custodian to provide quality, competitive custody services to our investors,” said Christina Larsen, managing director of BankInvest and BI Management A/S, the administration arm of the asset manager. “BankInvest and our investors will now benefit from J.P Morgan’s global reach and significant technology investment.”