Danish pension fund Lønmodtagernes Dyrtidsfond (LD) has selected Bank of New York Mellon Corp. (BNY Mellon) for global custody, fund administration and related services. BNY Mellon will be jointly providing these services with Danish financial services group Nykredit to LD’s $10 billion investment fund assets.

LD is an independent fund set up by the Danish government in 1980 with the objective of managing and paying out the funds originating from the “frozen cost-of-living allowances” payments. BNY Mellon has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management.

Click here for the release from BNY Mellon.