J.P. Morgan’s securities services division has been selected to deliver a suite of asset servicing solutions to Iceland’s Pension Fund of Commerce (LV), managing over $10.5 billion in assets.
J.P. Morgan secured the mandate from Lífeyrissjóður verzlunarmanna (LV), one of Iceland’s largest pension funds. The appointment was finalised at the end of 2024, with transitions set to roll out during 2025.
LV, which manages1.458 billion Icelandic króna (ISK) ($10.5 billion) in assets, will receive global custody, fund accounting, foreign exchange and performance, risk, and compliance reporting services from J.P. Morgan. The scope of the mandate spans the fund’s entire securities portfolio.
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Arne Vagn Olsen, head of asset management at LV, commented: “We chose J.P. Morgan as our partner due to their broad service offering, international experience, and solutions that can grow with us into the future. Collaboration with JPM will support the continued growth of the fund in the coming years.”
Allan Nedergaard, head of securities services sales, Nordics, at J.P. Morgan, added: “J.P. Morgan is proud to begin our partnership with LV and support their continued growth. This new mandate further strengthens our long-standing commitment to the Icelandic market and reinforces our position as the leading securities services provider for institutional clients in the Nordics.”