Valtion Elakerahasto, Helsinki, hired Bank of New York Mellon as global custodian for its direct equity and fixed-income investments, said Tiina Tarma, general counsel at the Finnish state pension fund.
The hire covers €7.5 billion ($10.2 billion) of the total €16.5 billion of assets in the pension fund. Ms. Tarma said the fund’s indirect investments, such as fund of funds, were not included in the search.
BNY Mellon replaces J.P. Morgan Chase.
