Swedbank and State Street enter into strategic partnership
Swedbank has entered into a strategic partnership with State Street, one of the world's leading providers of financial services to institutional investors. State Street will be the new global custody provider to Swedbank. The partnership will enable the two parties to establish a leading Nordic client offering that will include fully integrated asset servicing for domestically and globally invested organisations.
New custodian bank
The partnership has been designed to bring together Swedbank’s Nordic and Baltic banking relationships and comprehensive local presence with State Street’s operational, data and analytic solutions. Institutional clients will benefit from an enhanced custody offering.
“The needs of our institutional clients are changing rapidly in today’s demanding market. We are one of the leading custodians in Sweden today, and with State Street as our partner, I am confident that we will be able to provide a future-proof solution for custody services. This partnership will enable our clients to enjoy an expanded range of services in additional geographies while continuing to benefit from our Nordic-Baltic client focus. State Street’s sophisticated and longstanding technical expertise in global custody and investment services will make it possible for our financial institutions clients to manage their business, investments and data more effectively,” says Ola Laurin, Head of LC&I.
“We are delighted to enter this partnership with Swedbank. We look forward to offering the bank’s clients our broad set of capabilities within the Nordic countries. Combining our global expertise and technology with Swedbank’s deep knowledge of the local market gives us the platform to provide comprehensive solutions to institutional investors in the region,” says Jörg Ambrosius, Co-Head of State Street Global Services EMEA.
New provider of Management Company services and central administration services
Swedbank is also entering into a partnership agreement with Carne Group, one of the market’s premier global and independent providers of fund management company solutions. Going forward, Carne will provide management company services for Swedbank’s client group comprising Nordic asset managers that have Luxembourg-domiciled mutual funds. State Street Luxembourg will be the depositary, central administration and transfer agency provider for these services. Through this agreement, Swedbank will be able to provide financial institutions clients with a broader, more relevant offering including access to international distribution platforms, additional alternatives for fund structures in multiple jurisdictions, and access to in-depth sector competencies in a wide range of specialisations. “I’m very pleased that Swedbank has chosen Carne as its preferred provider of fund management company solutions. We look forward to working in close partnership with them to ensure that their clients are the beneficiaries of our best-in-class oversight services,” says Steve Bernat, CEO Luxembourg, Carne Group.
About State Street State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $33.99 trillion in assets under custody and administration and $2.81 trillion* in assets under management as of September 30, 2018, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com.*This figure is presented as of September 30, 2018 and includes approximately $28 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
About Carne Group Carne is the premier global provider of fund management solutions to the asset management industry including the provision of European management companies, fund platforms, independent fund directorships and other fiduciary services. Carne employs 180 people across 9 global locations and is a governance and substance provider for asset managers managing more than $700 billion in AUM.
For further information:
Ola Laurin, Head of LC&I, Swedbank, +46 70 529 14 70
Josefine Uppling, Head of Group Press Office, Swedbank, +46 76 114 54 21
Nadia Hassini, Communications Manager, EMEA, State Street, +44 7920 418552
Eoin Sheahan, Head of Marketing, Carne Group, +35 3868 164339
Swedbank encourages a sound and sustainable financial situation for the many households and businesses. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 7 million retail customers and around 600 000 corporate customers and organisations with 191 branches in Sweden and 125 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 30 September, 2018 the group had total assets of SEK 2 461 billion. Read more at www.swedbank.com
Tags:
