Regulatory and operational costs factors may require regional CSDs to band together and overcome these new pressures.
The mandate will include global custody and fund administration services for Storebrand's AIF and UCITS Luxembourg-domiciled funds.
The Swedish bank is exploring new services with Brown Brothers Harriman as its assets under custody continue to pile up from the existing relationship.
Evli Fund Management is the first Finnish asset manager to have successfully onboarded its mutual funds onto the Vestima platform.
State Street takes over the mandate from JP Morgan, which has served as global custodian for Swedbank since 2000.
Citi already offers direct custody and clearing services in Denmark, Finland and Sweden, with expansion taking its European sub-custody network to 37 markets.