JP Morgan gets custody deal with Sweden’s First AP fund

Swedish pension fund manager Första AP-fonden has appointed JP Morgan Worldwide Securities Services as its provider of global custody services.

The deal affects about SEK219bn (€24.5bn) of net assets under management by one of Sweden’s biggest pension fund managers.

The manager’s objective is to provide long term returns at low risk in the role as one of five so-called ‘buffer funds’ in the Swedish pension system.

The custody role includes compliance monitoring, trade matching and fund accounting. Full support will be provided through JP Morgan Worldwide Securities Services’ Stockholm office.

“The Nordic region is a strategic market for JP Morgan and we continue to commit significant resource to grow our branch network to support our pension fund clients locally,” said Benjie Fraser, pensions practice lead for JP Morgan Worldwide Securities Services EMEA.

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