The Bank of New York Appointed by Denmark's Largest Pension Fund to Provide Global Custody
LONDON, May 16, 2007-- The Bank of New York, a global leader in securities servicing, has been appointed as global custodian by Arbejdsmarkedets Tillægspension (ATP), Denmark's largest pension fund, for assets totalling
The Bank will also provide a range of additional services including trade support, derivatives administration and data management.
Bjarne Graven Larsen, CIO, ATP said, "We were impressed with the Bank's consultative approach from the outset. Not only was it able to develop an integrated technical solution to interface with our portfolio management system, it was also able to develop an operating model to support our expanding investment universe. Their commitment to support our vision of being the world's best pension fund by 2010 and strength in the Nordic region were key deciding factors during the tender process."
Tim Keaney, senior executive vice president and head of Europe at The Bank of New York, said, "This win is a landmark deal for us in the Nordic region. ATP is one of Europe's largest and best run pension funds with sophisticated business and operating requirements. This mandate underlines our ability to meet these requirements and strengthens our presence in a region within which we have made significant investments."
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and wealth management. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
ATP is a fully funded supplementary pension scheme covering almost the entire Danish population. ATP forms part of the basic pension system in Denmark. ATP provides supplementary pensions to some 0.7 million pensioners and carries liabilities related to the future pension of some 3.7 million members below the minimum retirement age of 65. The ATP group manages accumulated financial assets totalling some DKK 414 billion (US$ 73 billion) year end 2006. ATP is an internationally leading pension fund and has proven particularly innovative within areas such as asset-liability management, risk management and the reconciliation of financial risks and membership interests. ATP is an independent institution formed and regulated by legislation. ATP was established in 1964. Additional information is available at www.atp.dk.
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