IRELAND - Swiss chocolate giant Nestlé is moving seven unit trusts worth EUR2bn, which are incorporated in its pension fund assets, to the Republic of Ireland.
The unit trusts were created to allow the EUR4.6bn fund to benefit from economies of scale in its investments and are being moved to Dublin in order to increase flexibility in asset allocation, to allow a pooling of assets and because of the level of control the Irish Central Bank has in extending protection to unit holders.
* In July global financial services group Northern Trust snatched a EUR4.6bn custody mandate at Nestle from Geneva-based Pictet.
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