SWEDEN - Första AP-fonden, the first Swedish buffer fund, has appointed JP Morgan Worldwide Securities Services (JPMWSS) as global custodian.
The SEK219bn (€24bn) fund has asked JP Morgan to take over compliance monitoring, fund accounting and trade matching roles as part of the new agreement.
Bo Thulin, branch manager of the JPMWSS office in Stockholm, said he was delighted by AP1's decision and that the award had come only after an "extensive" tendering and evaluation process.
"Our local expertise and knowledge, coupled with our global presence, will provide Första AP-fonden with the comprehensive support they require," he added.
Benjie Fraser, pensions practice lead for the company's EMEA division, said: "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."
The award comes shortly after JP Morgan was chosen as global custodian by the Dutch pension fund for the wholesale food industry.
AP1, alongside fellow buffer fund AP2, recently announced a joint property investment company with Catella. Launched with initial capital of €500m, it will target European property.
Last week saw the two AP funds awarded the prize for Best Direct Investment at the IP Real Estate Awards in Amsterdam for their joint venture.