DENMARK - The DKK414bn (€55.6bn) Danish pension scheme ATP has chosen Bank of New York to provide global custody for its assets.

BoNY said in a statement it will also provide a range of additional services including trade support, derivatives administration and data management.

"Not only was it able to develop an integrated technical solution to interface with our portfolio management system, it was also able to develop an operating model to support our expanding investment universe," Bjarne Graven Larsen, chief investment officer at the Arbeijdsmarkedets Tillægspension (ATP).

Nobody at the fund was immediately available for comment.

ATP is providing supplementary pension for nearly the whole Danish workforce. Current membership of the fund comprises some 3.7 million actives and 700,000 pensioners.

In March 2007, BoNY held $13.8trn (€10.1trn) in assets under custody, up from $11.8trn a year before.

After the finalisation of the merger with Mellon, which is scheduled for Q3 this year, the joined custody and asset management venture will have $18.6trn in assets under custody, making Bank of New York Mellon the largest custody provider in the market.

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