BNY wins Finnish pension custody deal from JP Morgan

Signing dealBNY Mellon has won a custody deal with Finnish pension scheme Valtion Eläkerahastom, whose custody agreement with JP Morgan will expire in December.   BNY Mellon will provide custody for the scheme's direct equity and fixed income instruments, worth €7.5 billion.   BNY Mellon says its ability to offer a straight-through processing interface to the scheme’s existing technology platforms helped win the deal.   Valtion Eläkerahasto is a pension “buffer” fund tasked with meeting a quarter of Finland's state pension liabilities. At the end of 2013, it had €16.3 billion under management and employed 22 people.   Tiina Tarma, general counsel at the scheme, says the new custody deal is the result of a review of global custodians which ranked them on a weighted basis across several criteria.   BNY Mellon reported $27.9 trillion (€20 trillion) of assets under custody as of March 31. ©2014 funds europe

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