BNY Mellon wins Swedish custody mandate 18 October 2016Stockholm Reporter: Stephanie Palmer
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Swedish financial services group Nordea has appointed BNY Mellon to provide custody services for its US debt and equity portfolios, valued at over $7 billion.
Nordea is the largest financial services group in Northern Europe, by market capitalisation, and provides life and pensions products in the Nordic and Baltic Sea region.
According to Nordea, the selection of BNY Mellon followed a review process including site visits to its US and Europe, the Middle East and Africa (EMEA) locations.
Joakim Gustafson, head of product and network management at Nordea Bank, said: “We were impressed by [BNY Mellon’s] drive to ‘go the extra mile’ and ability to combine an impressive customer technology interface with a high-touch EMEA-US service model.”
“Another crucial factor is that BNY Mellon has US market specialists available during the EMEA morning prior to the US market opening.”
Daron Pearce, CEO of asset servicing in EMEA at BNY Mellon, said: “Nordea is among our most valued asset servicing relationships in the region and will be fully supported by our team in Copenhagen to ensure both timely and effective communication and solutions.”
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