Stockholm-based A-P Fonden 7 has appointed MeritaNordbanken as global custodian for all its assets, which are expected to amount to Skr15-25bn (€1.8bn-3bn).

The fund was set up in 1998 as a default pension fund for individuals who do not want commercial providers or who want the government as provider in the new Swedish premium pension system, administered by Premiepensionsmyndigheten (PPM).