NETHERLANDS/UK- Northern Trust was awarded two custody mandates in the last two days - by the East Riding of Yorkshire Council Pension Fund and Stichting Bedrijfstakpensioenfonds Zorgverzekeraars (SBZ), worth €3bn and €2.3bn respectively .
Both funds appointed Northern Trust to provide global custody, securities lending, commission management, active collateral management, performance and risk reporting, cash management, and foreign exchange trading services.
SBZ CFO Peter van Gemst said the firm’s presence in the Netherlands was a significant factor in its favour. SBZ is a Dutch pension fund for health insurers.
“We appointed Northern Trust as our global custodian primarily because of its client service culture, and experience with fiduciary managers, as well as its high-quality services which met all our requirements,” said van Gemst.
Paul Barnett of East Riding of Yorkshire Council also said Northern Trust best met the fund’s overall requirements.
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