Source: Bank of New York
The Bank of New York, a global leader in securities servicing, has been appointed as global custodian by Arbejdsmarkedets Tillaegspension (ATP), Denmark's largest pension fund, for assets totalling US$73 billion.
The Bank will also provide a range of additional services including trade support, derivatives administration and data management.
Bjarne Graven Larsen, CIO, ATP said, "We were impressed with the Bank's consultative approach from the outset. Not only was it able to develop an integrated technical solution to interface with our portfolio management system, it was also able to develop an operating model to support our expanding investment universe. Their commitment to support our vision of being the world's best pension fund by 2010 and strength in the Nordic region were key deciding factors during the tender process."
Tim Keaney, senior executive vice president and head of Europe at The Bank of New York, said, "This win is a landmark deal for us in the Nordic region. ATP is one of Europe's largest and best run pension funds with sophisticated business and operating requirements. This mandate underlines our ability to meet these requirements and strengthens our presence in a region within which we have made significant investments."