State Street wins AP2 mandate
State Street has been awarded the custody and fund accounting mandate for Sweden's AP2 pension fund.
The EUR14.3 billion fund previously used Svenska Handelsbanken, but new rules meant it had to look for outsourcing services outside Sweden, something it had not done previously. Handelsbanken will continue to have an as yet undefined role.
AP2 is one of Sweden's four state pension funds. It began operating at the beginning of 2009.