AP1, Stockholm, hired J.P. Morgan Chase Bank as global custodian, according to the 218.8 billion Swedish kronor ($36.2 billion) fund.
J.P. Morgan Chase replaces BNY Mellon Asset Servicing, which was allowed to rebid.
The search began in May 2010. In November, the fund sued BNY Mellon, claiming the custodian broke the fund’s investment guidelines regarding investing collateral as part of the fund’s securities-lending program in 2008.
Neither AP1 spokesman Ossian Ekdahl nor Gun Hammarlund, head of back office and accounting, could be reached for further information by press time.
