GLOBAL - German engineering company Siemens has awarded ABN AMRO Mellon a E15bn mandate to provide global master record keeping services to its major pension funds worldwide.
The deal covers Siemens' funds in Germany, Switzerland, the Netherlands, Austria, UK, US, Canada and Sweden.
ABN AMRO Mellon’s London office will also offer accounting, performance, analytics, attribution and compliance monitoring services.
Peter Scherkamp, head of finance strategies for Siemens said that the firm was selected on the basis of its systems flexibility, global presence and proven track record in record keeping.
Our decision to aggregate our pension assets data in this way is prompted by the desire to make the performance of asset managers globally comparable and to improve the speed of data availability for better management and disclosure of pensions risk,” he added.
Nadine Chakar, managing director of ABN AMRO Mellon, said: “[Record keeping] is a particularly significant win for us in an area which is a growing focus for ABN AMRO Mellon and indeed the industry as a whole.
Siemens was advised by its in-house consultancy arm Pension Advisory.
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