Stockholm-headquartered Swedbank has entered into a strategic partnership with US financial services group State Street.
State Street will be the new global custody provider to Swedbank, providing a wide range of investment-related administration services.
The partnership will bring together Swedbank’s Nordic and Baltic banking relationships and local presence with State Street’s operational, data and analytic solutions, the bank said in a statement.
“The needs of our institutional clients are changing rapidly in today’s demanding market… and with State Street as our partner, I am confident that we will be able to provide a future-proof solution for custody services,” said Ola Laurin, head of large corporates and institutions, Swedbank.
“State Street’s 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,” he added
“Combining our global expertise and technology with Swedbank’s deep knowledge of the local market gives us the platform to provide strategic and holistic solutions to institutional investors in the region,” said Joerg Ambrosius, co-head of State Street Global Services, EMEA.
In Luxembourg, the partnership will provide access to State Street’s leading depositary, fund administration and transfer agency services to Swedbank clients.
Deal with Carne
Swedbank is also entering into a partnership agreement with Carne Group, a provider of fund management company solutions.
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, the bank said in a statement.