ATP has appointed BNY Mellon to provide custody for an EUR 89bn asset pool, according to a press statement.
As a custodian for Denmark's mandatory pension scheme, BNY Mellon is responsible for safeguarding ATP's securities and thus minimize the risk of theft, or loss.
The custodian holds its customers' securities and other assets in electronic or physical form.
According to ATP Senior Vice President, Business Support Kenneth Hallum Knudsen, choosing a global custodian is significant for ATP’s daily operations and the company’s ability to act fast and efficiently.
"ATP wants strong and competitive partners, which is why – out of several competent bids – we have chosen BNY Mellon as global custodian based on quality, services and price. This new agreement provides us with a fair financial saving combined with even better solutions and services," he comments in a press release.
Commenting on behalf of BNY Mellon is EMEA CEO Daron Pearce.
"We are delighted to have been chosen by ATP to support it in its mission of providing financial security for the Danish population in retirement.
The appointment underscores BNY Mellon’s strong commitment to the Danish and wider Nordic market and demonstrates the depth and breadth of our experience and technological infrastructure to meet the needs of large, sophisticated pension schemes and other asset owners."
According to the press statement, the public procurement process started in late 2018. BNY Mellon had USD 34.5tn under custody as of March 31, 2019.