BNY Mellon, a provider of investment management and investment services, has been appointed by SEB Investment Management to provide fund administration services for over 150 funds valued at EUR40bn.
Domiciled across Sweden, Luxembourg and Finland, the funds include SEB's fund of hedge funds and private equity funds.
BNY Mellon will also be providing transfer agency for the Luxembourg-domiciled funds.
Peter Branner, chief executive of SEB Investment Management, says: "BNY Mellon are able to offer us a solution that breaks new ground in the Nordic region, providing a platform for us to grow our funds range and to continue to innovate in the asset management space. Enhanced efficiency and reduced risk were our key priorities, and we were also looking for a partner who could support our growing ambitions around broadening our distribution capabilities across the region."
Hani Kablawi, head of Europe, Middle East & Africa (EMEA) for asset servicing at BNY Mellon, says: "We will be delivering a highly integrated solution to SEB across a diverse range of funds, which include some of the most complex in the marketplace today. Accordingly, this new and valued partnership with SEB is very much a landmark deal, for both BNY Mellon ourselves and the wider Northern European fund administration business, in terms of the scope of the assets involved and the sophisticated servicing capabilities we will be providing to SEB."