For Nykredit Portfolio Management, this will mark a continuation of the current collaboration, whilst J. P. Morgan will take over as the new custodian and custodian bank for Kapitalforeningen LD, a subsidiary of LD, thereby replacing Nykredit Bank as custodian and BNY Mellon as custodian bank. These are vital services that require knowledge, technical expertise and efficient processes. Furthermore, the partners must comply with a wide range of regulatory requirements, including ongoing registration and monitoring of custody accounts and securities transactions, as well as a whole series of controls.
LD has chosen to place the bulk of its investments in Kapitalforeningen LD precisely in order to entrust technically and legally complex functions to Partners who specialise in this field.
“There are only a few who can truly make their mark in this field. We are delighted that some exceptionally talented players have taken part in the bidding process, and we have great respect for the time they have invested in it,” says Charlotte Mark, Chief Financial Officer at LD.
The quality of the services offered is very high, and the tenders have included new services. Bidders have improved both their prices and the quality of their services compared with what LD observed in the previous tender round in 2011. LD is achieving savings of up to 30 per cent compared with the current cost level.
“We have a great deal of confidence in the partners we have chosen. We believe that, both individually and collectively, they can deliver reliably, competently and efficiently,” says Charlotte Mark, adding:
“We are delighted to be able to continue our collaboration with Nykredit Portfolio Management. The decision to part ways with Nykredit Bank as custodian and BNY Mellon as custodian bank is a result of intense competition and in no way reflects any dissatisfaction on our part.”
