Swedish buffer funds AP3 and AP2 have appointed Northern Trust as global custodian for each of the funds.

The funds procured Northern Trust’s services jointly, allowing them to “share experience” on operational processes, among other things.

Mattias Bylund, chief risk officer at AP3, said the procurement process had been a cost-effective and “valuable exchange of experiences”.

“It also showed the funds already have very good cooperation on key issues,” he said.

Ola Eriksson, head of business support at AP2, added: “Cost-effectiveness and price pressure were the two main factors, but the exchange of knowledge was also very positive.”

With the news, AP3 reappoints Northern Trust, while AP2 replaces its current provider.

Separately, Northern Trust announced that it has won a custodial mandate in the UK.

The company is to provide the London Borough of Brent to with global custody, performance measurement and valuation reporting services for its £650m (€930m) in pension fund assets.

The mandate is Northern Trust’s seventh under the National Local Government Pension Scheme Framework.