Swedish Pension Fund Chooses Northern Trust

Third Swedish National Pension Fund (AP3) has selected Northern Trust to provide global custody services, according to a notice.
By Joe Parsons(2147488729)
Third Swedish National Pension Fund (AP3) has selected Northern Trust to provide global custody services, according to a notice.

The mandate follows a review which began in February 2014, in which it was looking to appoint one global custodian to handle its securities services through a proprietary or subcustodian network.

According to the notice, the decision to award Northern Trust with the mandated was “on the basis that this tender is considered to be the most economically advantageous.”

It also says the decision was based on Northern Trust’s RFP rankings, fees, migration and due diligence.

The official signing of the agreement will not take place until July 10.

AP3 is one of five national pension funds in Sweden, holding around 13% to total pension system assets ($34.2 billion as of December 31, 2014).

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