NETHERLANDS - APG has transferred $12.5bn (€8.8bn) in assets to a newly created emerging markets (EM) vehicle with the assistance of JP Morgan.
The assets, transferred by JP Morgan's Worldwide Securities Service (WSS), were invested in more than 30 different markets, with WSS highlighting the complex nature of the transaction due to the "tax, legal and multiple market implications".
APG asked for the transfer to take place so that the assets could be moved to its new EM equity pool - a Dutch FGR, or closed fund for mutual account.
APG, the €280bn asset manager, has also chosen to retain JP Morgan as custodian for its emerging market assets.
Ruud Gilissen, managing director of client and fund administration at APG, said he was pleased with the "speed and efficiency" of the performed transaction.