BNY Mellon secures AP7 global custody and collateral services mandate
Swedish state pension fund Sjunde AP-fonden (AP7) has reappointed BNY Mellon to provide global custody and collateral services to assets valued at USD28.8bn.
The new mandate includes securities lending services in addition to a range of collateral-related solutions.
AP7 will also continue to use DM Edge, BNY Mellon’s derivatives margin management platform.
Svante Linder, chief operating officer at AP7, says: “We are happy to have reappointed BNY Mellon as our global custodian. All of the objectives we had set out in advance of this process have been met; BNY Mellon now provides our savers with a safer, better custody product. We look forward to further strengthening and enhancing our relationship with BNY Mellon going forward.”
Hani Kablawi, head of asset servicing for Europe, Middle East & Africa at BNY Mellon, says: “The thorough evaluation that AP7 conducted during this selection process is to be commended and the fact that it culminated in an extension of our valued relationship demonstrates BNY Mellon's expertise and commitment in support of our clients' fast-evolving investment services needs.”
BNY Mellon was first appointed as AP7’s service provider in 2006.
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