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Nordea Markets appoints custodian for Swedish ETF business

ETFsRBC Investor & Treasury Services (RBC I&TS) has been installed by Nordea Markets to provide custody for the IndexGo range of exchange-traded funds (ETFs) listed in Stockholm.

Through this appointment, RBC I&TS, which is owned by Toronto-based Royal Bank of Canada, will provide custody, transfer agency, fund administration and associated services for this Ucits-compliant ETF range.

Previously, a number of asset servicing functions for this ETF product, including securities lending and fund distribution support, were provided by Nordea Bank.

Johan Lindberg, managing director for global client coverage at RBC I&TS, said that this appointment aligns with RBC’s plans to extend its client base in the Nordic region.

The Nordea IndexGo ETF range, which includes the flagship Nordea SmartBeta Eurozone Equity Ucits ETF, offers a factor-based approached to stock selection. This “SmartBeta” strategy targets stocks offering high direct yield, low systemic risk relative to the market (low “beta”), as well as strong momentum.

The index is rebalanced every quarter to include shares from the specified stock universe that are performing best against this three-factor model.

©2019 funds europe

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