UK - ABN Amro has opened shop in Frankfurt in a bid to expand its reach through Europe.
The custodian is keen to capitalise on changing market infrastructure and pension fund reforms in Germany, with a specialised offering of global custody and full depotbank services for Spezialfonds and direct investors.
The new depotbank functionality will also focus on the servicing of KAGs (Kapitalanlagegesellschaften).
“ABN Amro Mellon is opening a branch at an ideal time in which to seize new opportunities in the German market,” said Michelle Grundmann, manager, ABN Amro Mellon Frankfurt.
“We are primed for solid and sustained growth, now that barriers to foreign asset managers have been eliminated and German investment law has been liberalised.”
ABN Amro Mellon will convert an initial book of business totalling 31 funds, with assets under custody of E2bn.
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.