ATP, Hilleroed, Denmark, hired Bank of New York Mellon as custodian, a spokesman for the 837.5 billion Danish kroner ($126 billion) pension fund said Monday.
BNY Mellon replaces Northern Trust, which had been ATP's custodian since 2013.
An RFP was issued in December.
BNY Mellon provides global custody, trade services; cash management; collateral management and additional custody services such as reclaiming of withholding taxes.
"We have chosen BNY Mellon as global custodian based on both quality, services and price. With this new agreement, we get a fair financial saving combined with even better solutions and services," said Kenneth Hallum Knudsen, senior vice president, business support at ATP, in a news release.
The contract will last for four to six years.