Northern Trust has been chosen by the Fourth Swedish National Pension Fund (AP4), as sole global custodian for approximately US$18 billion of domestic and foreign assets.
Northern Trust says it will provide a range of custody and related services to AP4, which is one of four “buffer” funds in the Swedish National Pension System.
“Working with Thomas Murray, the custody advisers, we conducted an extensive review of global custodians and local banks in the market and believe we have found a long term ‘partner’ in Northern Trust,” says Agneta Wilhelmson Kеremar, Director of Administration at AP4. “Northern Trust has depth and quality of service offering and, we believe, will be able to help us meet our objectives of enhanced operational efficiency across our entire global portfolio.”
Anne-Lise Winge, Head of EMEA Sales within Northern Trust’s asset servicing group describes the mandate as “a powerful endorsement” for the bank. “The Nordic region is a core focus for Northern Trust and it is part of our long-term strategy to continue to build relationships with more Swedish institutions and further increase our presence in the region,” she adds.