JP Morgan's Investor Services business today announced that two leading Norwegian institutional investors have transitioned their global custody business to JP Morgan, representing an important milestone in the ongoing process of client transfers following JP Morgan's acquisition of Nordea's institutional global custody business earlier this year.
The investors had been global custody clients of Nordea.
Gjensidige Forsikring, one of Norway's largest non-life insurance companies, and Folketrygdfondet, an asset manager for the Government Pension Fund in Norway, are now global custody clients of J.P. Morgan Investor Services. Both clients are in discussions to extend the related services they use from J.P. Morgan.
J.P. Morgan in March announced it acquired the institutional global custody business of Nordea, the leading provider in the Nordic region. As a result of the acquisition, J.P. Morgan Europe Limited established four new branches in the region, located in Oslo, Stockholm, Helsinki and Copenhagen.
Peder Sunde, manager of J.P. Morgan's newly-established branch in Oslo, said: "We are delighted to work for these two leading Nordic institutional investors and look forward to extending our relationship with them. These clients will be serviced out of our Norwegian office, which is a key cornerstone of our strategy to align ourselves closely in-region with clients."