BNY Mellon has won a custody deal with Finnish pension scheme Valtion ElÃ¤kerahastom, 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.
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