BNY Mellon reselected by AP7 for global custody
BNY Mellon has been re-appointed by the Swedish state pension fund Sjunde AP-fonden (AP7) to provide global custody and associated services, continuing a 14-year relationship.
AP7 is a Swedish government agency and the state alternative to the private investment funds offered within the Swedish premium pension system. 4.9 million Swedes have a pension invested with the AP7 portfolio, which has assets under management totalling over USD50 billion.
BNY Mellon was re-appointed following a detailed public procurement process that started in March 2019.
BNY Mellon is committed to being the custody partner of choice for large asset owners and asset managers, providing solutions that protect investor portfolios while optimising efficiency with a focus on excellent client service regardless of asset class or market.
Tina Nylund, Chief Operating Officer at AP7, says: “We are happy to have again reappointed BNY Mellon as our global custodian. AP7 is facing significant growth and change. BNY Mellon met all our requirements and will be able to further support our successful transition to a new operating model. We look forward to further strengthening and enhancing our relationship with a partner that has the digital and data capabilities to help us on our own digital transformation journey.”
Leonique van Houwelingen, Chief Executive Officer of BNY Mellon's European bank, The Bank of New York Mellon SA/NV, says: “We value our longstanding relationship with AP7 and are excited to continue our partnership at a significant point in their evolution. Our aim is to deliver digital custody and data solutions that enable frictionless integration across the full investment lifecycle, underpinned by a resilient, transparent and efficient operating model that enables AP7 to focus on their growth and servicing their customer base. Our reappointment demonstrates BNY Mellon’s strong commitment to the Swedish and wider Nordic market, and our continued focus on being future-ready and positioned to meet the needs of large, sophisticated pension schemes and other asset owners.”