Swedish pensions buffer fund AP7 has reappointed BNY Mellon as its global custodian following a competitive tender.

BNY Mellon said it would be providing the fund with global custody and collateral services for $28.8bn (€20.8bn) in assets.

It said the new mandate included securities-lending services as well as a range of collateral-related services.

AP7 said all of the objectives it had set out before the selection process had been met.

The global custody mandate has no fixed end date.

The investment bank said it was first appointed as AP7’s service provider in 2006.

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