Northern Trust has supported AMF Tjänstepension AB (formerly AMF Pensionsförsäkring AB) with its transformation to become one of the first occupational pension providers in Sweden under the European Institutions for Occupational Retirement Provision (IORP) II Directive. IORP II aims to improve the governance and communication standards of occupational pension schemes.
Over an 18-month period, Northern Trust provided asset servicing consultative advice and expertise to AMF, helping to optimise its operations, processes and workflows, and to meet ongoing regulatory requirements as an IORP. AMF Pensionsförsäkring AB merged its asset management and related administrative/IT business with its wholly owned subsidiary AMF Fonder AB to create a single asset management hub. Earlier this year, AMF Pensionsförsäkring AB changed its status from pensions insurer to an occupational pension provider, changing its name to AMF Tjänstepension AB.
With SEK800bn (USD85bn) AuM, AMF is one of Sweden’s largest pension companies. AMF is owned equally by the Swedish Trade Union Confederation and the Confederation of Swedish Enterprise.