Reflecting both the Nordic region's growth and the consolidation of service providers, JP Morgan Chase & Co. has acquired the institutional global custody business of Stockholm-based Nordea.
The deal, announced March 27, makes JP Morgan the first global custodian to buy a custody book of business in the region--Nordea's EUR200 billion ($313 billion) in assets under custody--and ends the marketing alliance that Nordea signed with Bank of New York Mellon Corp. in 2005. Financial terms were not disclosed.
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