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Sweden's AP7 keeps BNY Mellon as custodian

Handshake 3Swedish state pension fund AP7 has renewed a contract with BNY Mellon for global custody and collateral services on its $28.8 billion (€20.8 billion) of assets.

The new mandate includes securities lending services and states that AP7 will continue to use BNY Mellon's derivatives margin management service, DM Edge.

Svante Linder, chief operating officer of AP7, says the all the objectives set by the fund before the selection process were met and that “BNY Mellon now provides our savers with a safer, better custody product”.

AP7, which has about three million beneficiaries, employees 21 people and handles most of its Swedish exposure in-house while outsourcing its global exposure to fund managers.

BNY Mellon was first appointed a service provider to AP7 in 2006 after a joint bid with Nordea.

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