Folksam Insurance Group, one of the largest invest-ors in Sweden, has appointed Bankers Trust (BT) as global custodian of its $3bn international asset portfolio. The ap-pointment followed a de-tailed selection process" with BT being chosen as they "demonstrated system flexibility and an ability to propose customised solutions to meet our complex array of needs," according to operations manager, Bo Tharning. Custody was previously handled by Swedbank.
BT managing director, Scott Dickinson explains that the bank has been active in Scandinavia for the last three years and has built up around six to eight clients in the reg-ion, "But all very good ones" he adds. "Scandinavia was a growth area for custodians generally and for Bankers Trust in particular."
The UK is still BT's prime target market in Europe, followed by France and Holland, but "Scandinavia has a lot of interest for us," says Dickinson. David Hunt"