J.P. Morgan gains custody mandate from VER 07 December 2020Finland Reporter: Maddie Saghir
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J.P. Morgan has secured the position as full service custodian for VER, Finland’s government pension fund.
The mandate will see J.P. Morgan provide custodian services to VER’s equity and fixed income portfolios, which are valued in the region of €8 billion.
Tiina Tarma, general counsel, VER, said: “We feel that J.P. Morgan is the right partner for us at these exceptional times. J.P. Morgan’s size, commitment to the business in the Nordic region and state-of-the-art tools were the elements that made VER confident to enter into this partnership.”
Allan Nedergaard, head of platform sales, securities services Nordics, J.P. Morgan, said: “We are delighted VER has appointed J.P. Morgan as its custodian. We look forward to supporting VER in delivering value to its members for many years to come.”
According to Nedergaard, the pandemic presented unique challenges and J.P. Morgan is delighted to have successfully executed the transfer of assets and services seamlessly, allowing them to begin partnering with VER as effectively as possible.
“J.P. Morgan’s Securities Services has provided custodian services in the Nordic region for more than 20 years. It remains an important component to our global franchise and today’s announcement is an important milestone for our growth in the region,” added Nedergaard.
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