Finnish pension fund VER has appointed a new global custodian for its equity and fixed income assets, with international banking group JP Morgan having now replaced Danske Bank in the role.

Following an EU tender process, VER (The State Pension Fund of Finland, or Valtion Eläkerahasto) – the buffer fund for central government pension liabilities – selected JP Morgan to take on the mandate, from a shortlist VER said included nine competing applicants.

Tiina Tarma, general counsel at VER, said: “We feel that JP Morgan is the right partner for us in these exceptional times.

“JP Morgan’s size, commitment to the business in the Nordic region and state-of-the-art tools were the elements that made VER confident to enter into this partnership,” she said.

JP Morgan said it had been appointed as VER’s full-service custodian, and that it would provide a range of custodian services to the pension fund’s equity and fixed income portfolios, which were valued in the region of €8bn.

The firm said the transfer of assets and implementation was completed in September.

Allan Nedergaard, head of platform sales, securities services Nordics, at JP Morgan, said: “The COVID-19 pandemic presented unique challenges and we’re delighted to have successfully executed the transfer of assets and services seamlessly, allowing us to begin partnering with VER as effectively as possible.”

Tarma told IPE the previous custodian for these assets had been Danske Bank.

VER has other investments which fall outside the global custody remit, including mutual funds, which are handled by Danske Bank, while its unlisted investments including private equity and private equity funds, infrastructure and real estate funds, are advised by London-based Albourne Partners.

Looking for IPE’s latest magazine? Read the digital edition here.