JPMorgan Worldwide Securities Services will acquire the institutional global custody portfolio of Nordea, a firm with approximately €200 billion in assets under custody.
As a result of the purchase, JPMorgan also intends to offer local depository services to in-country mutual funds through the establishment of new branches in Norway, Denmark and Finland together with an expanded presence in Sweden. Nordea will retain its sub-custody franchise in the region.
As part of the deal, Nordea will appoint JPMorgan as global custodian for its internal institutional clients such as Nordea Funds and Nordea Life & Pensions.
“This acquisition emphasizes JPMorgan’s commitment to the Nordics,” says Conrad Kozak, global head of JPMorgan’s Securities Company. “A key cornerstone of our strategy is to align ourselves more closely in-region with clients. To that end, this acquisition is the next stage of evolution of our Nordic expansion.”
With total assets under management in excess of €2 trillion, the Nordic region is one of the biggest and fastest growing asset servicing markets in the world.
Earlier this week, JPMorgan snagged a custody deal with Cavali, Peru’s Central Securities Depository.
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