DENMARK – PFA Pension has consolidated its custody with the award of 25 billion dollars (20.1 billion euros) to J P Morgan Investor Services.
"By using one single provider we have been able to streamline our operation process which was previously carried out with different banks on domestic and foreign securities,” said Hasse Jørgensen, chief investment officer at Copenhagen-based PFA.
“This has enabled us to be more time and cost efficient and incur less operational risk.
“Our decision to appoint J P Morgan was influenced by the commitment they have shown to addressing all of our requirements, and they have other product offerings that we will take advantage of once we have finalised a full STP straight-through_processing automation of our basic business."
The bank said it had been appointed as custodian for Danish and global assets by PFA, the largest supplier of company pension plans in Denmark.
"This appointment offers PFA the opportunity to draw on the integrated resources we offer -- particularly the technology products and services we have built to complement and enhance our clients' business," said Ramy Bourgi, business executive for JPMIS in Europe.