Brown Brothers Harriman (BBH) has been selected to act as custodian for a new range of XACT ETFs.
BBH will be providing global custody, accounting administration and primary market transfer agency for the Luxembourg regulated ETFs.
XACT ETFs are managed by XACT Fonder, a wholly-owned subsidiary of Svenska Handelsbanken.
The XACT ETF platform is an open-ended collective investment company with an umbrella structure comprising different sub-funds and classes. Each sub-fund is an ETF and is listed for trading on the Nasdaq OMX Stockholm.
XACT managing director Henrik Norén says the move will enable the firm to maintain its position as the leading Nordic ETF provider.
XACT Fonder is the largest issuer of ETFs on the Nordic market, currently managing SEK20bn over 21 ETFs. The daily turnover in XACT ETFs averages around SEK1bn.
BBH is already one of the largest ETF custodians in the US, working with 11 ETF issuers across the globe and representing 80 ETPs.
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