Norwegian asset managing firm Storebrand has renewed its partnership with J.P. Morgan Securities Services. According to Asset Servicing Times, the bank will provide custody and depository services for Storebrand’s Nordic pension and fund divisions as well as its Luxembourg-based fund offering – in total covering a listed asset portfolio of NOK 750 billion.
In a statement about the renewed partnership, Arne Martin Moen, COO and head of investment operations and technology at Storebrand, cited J.P Morgan’s strength in technological development as a pull factor in the continued collaboration. The bank recently announced the launch of its Securities Services Data Mesh, which allows investors to “retrieve critical investment data held by J.P. Morgan’s Custody, Fund Accounting and Middle Office services, using cloud-native channels including REST APIs, Jupyter notebooks and the Snowflake Financial Services Data Cloud”.
From J.P. Morgan’s perspective, the partnership is an indication of the bank’s interest in growing its footprint in the Nordic region, said Allan Nedergaard, its head of Nordic platform sales.
