Sweden’s AP7 has started a tender process for a global custodian, offering a five-year contract, according to a notice on the TED EU tenders site.

The SEK460.1bn (€43.8bn) national pension fund said price was not the only criterion for selecting a custodian for the pension assets, and that the full list of criteria was given in the procurement documents alone.

The deadline for the receipt of tenders and requests to participate is 13 May at a minute before midnight.

AP7’s current global custodian is BNY Mellon, which has had the contract since 2014.

AP7 runs the Såfa fund, which is the default option in Sweden’s Premium Pension System. Earlier this year it reported an average loss of 2.8% on the balanced fund last year, which was better than the result for private sector pension providers.

The Swedish Finance Ministry has tasked pensions expert Mats Langensjö with devising a new framework for AP7, which is Sweden’s largest public sector pension fund.

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