JPMorgan Investor Services (JPMIS) says it has been appointed as custodian for US$25 billion of Danish and global assets by PFA Pension, the largest supplier of company pension plans in Denmark.
“We are delighted with this mandate and look forward to developing a long-term relationship with PFA,” says Ramy Bourgi, Business Executive for JPMIS in Europe, the Middle East and Africa, (EMEA) “This appointment offers PFA the opportunity to draw on the integrated resources we offer — particularly the technology products and services we have built to complement and enhance our clients’ business.”
Stuart Thompson, head of new business development for the Nordic region at JPMIS added that he was pleased to be able to offer PFA a Danish-specific service that combines local practice with global reach.
“By using one single provider we have been able to streamline our operation process which was previously carried out with different banks on domestic and foreign securities,” says Hasse Jrgensen, Chief Investment Officer in PFA Pension. “This has enabled us to be more time and cost efficient and incur less operational risk. Our decision to appoint JPMorgan was influenced by the commitment they have shown to addressing all of our requirements, and they have other product offerings that we will take advantage of once we have finalised a full STP automation of our basic business.”