Gothenburg-based A-P Fonden 2, one of Sweden's national pension funds, has appointed State Street as its second global custodian for its €14bn ($13.9bn) fund.

Last year the fund appointed Svenska Handelsbanken, a Swedish financial services firm, as sole custodian at the same time as it outsourced the majority of its asset management. A spokesman at the fund said it had yet to decide how the relationship with State Street and Svenska Handelsbanken would operate.