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JP Morgan awarded custody mandate by BankInvest

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JP Morgan Worldwide Securities Services has been awarded a mandate to provide custody and related services to BankInvest, an asset manager and provider of investment funds in the Nordic region with USD23bn of total assets under management and administration. 

JP Morgan will provide custody services to 28 listed investment funds managed by BankInvest with approximately USD9bn assets under custody. 

The mandate was awarded following a tender of both Danish and global custody providers. 

Previously, domestic banks based in Denmark had acted as custodians to BankInvest.
 
Francis Jackson, head of business development for JP Morgan Worldwide Securities Services EMEA, says: “We are delighted that BankInvest has selected JP Morgan to provide custody services. Our significant investments in technology, and the broad scope of our services, mean we are well positioned to serve BankInvest’s complex requirements.”
 
“We are pleased to have appointed JP Morgan as custodian to provide quality, competitive custody services to our investors,” adds Christina Larsen, managing director of BankInvest and BI Management, the administration arm of the asset manager. “BankInvest and our investors will now benefit from JP Morgan’s global reach and significant technology investment.”
        
The agreement with JP Morgan Europe (UK) Copenhagen branch is conditional on the approval of the Danish Financial Supervisory Authority.

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