State Street has been appointed global custodian for Swedbank, one of Sweden’s primary domestic banks, taking over the long-term mandate from JP Morgan.
The mandate, which also includes a wide range of investment-related administration services, is a new strategic partnership that combines State Street’s investment servicing, data and analytics capabilities with Swedbank’s client relationships in the Nordics and Baltics.
“Combining our global expertise and technology with Swedbank’s deep knowledge of the local market gives us the platform to provide strategic and holistic solutions to institutional investors in the region,” said Joerg Ambrosius, co-head of State Street Global Services EMEA.
State Street will also provide depository, fund administration and transfer agency services in Luxembourg to Swedbank’s clients.
Swedbank is the largest sub-custodian in the Baltics region, with a total SEK2.5 billion ($270 million) in assets under custody.
“This partnership will enable our clients to benefit from a wider range of services and additional geographical markets with a Nordic-Baltic focus,” added Ola Laurin, head of large corporates and institutions, Swedbank.
“State Street’s high-quality sophisticated and longstanding technical expertise in global custody and investment services will make it possible for our financial institutions clients to manage their business, investments and data more effectively.”
State Street takes over the mandate from JP Morgan, which has served as global custodian for Swedbank since 2000.