ATP pension scheme changes custody provider

BNY Mellon has won the mandate to provide custody and related services to Denmark’s largest pension scheme, ATP.

The win followed a public procurement process that started in 2018 and Kenneth Hallum Knudsen, senior vice president, business support, at the scheme said there had been several competent bids.

Northern Trust was the previous provider.

ATP, which has US$100 billion (€89 billion) of assets, is Denmark’s mandatory government scheme fully known as Arbejdsmarkedets Tillægspension and the custody mandate includes trade support and collateral management services.

Knudsen said: “Our choice of global custodian has a significant importance for our daily business and our ability to act fast and effectively. ATP wants strong and competitive partners, which is why – from several competent bids – we have chosen BNY Mellon as global custodian based on both quality, services and price.

“With this new agreement we get a fair financial saving combined with even better solutions and services.”

Daron Pearce, regional chief executive of BNY Mellon’s asset servicing business, said being chosen reflected BNY Mellon’s commitment to the Danish and wider Nordic market.

©2019 funds europe

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