With a wave of sub-custody exits in the Nordics, SEB is the last remaining local provider operating in the region. GC speak to Ann Magnusson, head of investor services, and Christine Strandberg, regulatory manager, on how it is facing up to the challenges of regulation, technology and increased competition from global custodians.
Local sub-custody providers have faced a challenging environment amid growing competition from global custody banks and increased regulatory costs.
The mandate follows the launch of its new Oslo-based office, its second in the Nordic region, where it will offer onshore depositary services to buy-side firms.
The Nordics has become a key region for custodians to expand their capabilities, as many have established new on-the-ground presence.
The acquisition is the latest effort by BNY Mellon to expand its capabilities in Denmark and the Nordic region.
The hire will help develop and grow FNZ's business in the Nordic region for the financial and securities industry.
JP Morgan will provide a full range of custody services for VER’s equity and fixed income portfolios, valued in the region of €8 billion.
The renewal continues a 14-year relationship between the two firms, after AP7 carried out a detailed procurement process that started in March last year.
Securities services veteran takes on new post-trade role as part of a transformation programme at Danske Bank.