AP7 renews BNY Mellon custody mandate
Swedish public pension fund AP7 has renewed the mandate of BNY Mellon as global custody services provider, therefore extending the existing 14-year relationship between the two parties. The procurement process of the $50bn pension fund had been initiated in March 2019.
Tina Nylund, chief operating officer at AP7, said: “AP7 is facing significant growth and change. BNY Mellon met all our requirements and will be able to further support our successful transition to a new operating model. We look forward to further strengthening and enhancing our relationship with a partner that has the digital and data capabilities to help us on our own digital transformation journey.”
Leonique van Houwelingen, CEO of BNY Mellon's European bank, The Bank of New York Mellon SA/NV, added: “Our reappointment demonstrates BNY Mellon’s strong commitment to the Swedish and wider Nordic market, and our continued focus on being future-ready and positioned to meet the needs of large, sophisticated pension schemes and other asset owners.”