PFA Professionel Forening, owned by PFA Pension, a Denmark-based pension provider, has appointed JP Morgan Worldwide Securities Services as depositary for its newly established mutual fund offering.

The mandate is part of PFA’s move to transition from a closed pension fund to a provider of Denmark-domiciled mutual funds.

JP Morgan has been custodian for PFA’s $35bn of assets under management since 2003.

Peter Ott, managing director of PFA Professional Forening, said: “We are pleased to have selected JP Morgan as depositary for our recently established mutual funds, which require a Denmark domiciled depositary.

“We selected JP Morgan because it provides leading depositary services and has local Danish FSA approval to act as depositary for mutual funds regulated in Denmark.”

Allan Nedergaard, director of JP Morgan Europe (UK), Copenhagen branch, said: “We are delighted that PFA has selected us as depositary for their newly launched mutual funds. JP Morgan is the leading provider of depositary services to regulated mutual funds in Denmark, and this demonstrates the success of our strategy to provide local services supported by our global capabilities.”