NETHERLANDS - Bedrijfspensioenfonds voor de Koopvaardij (Merchant Navy Pension Fund) has chosen ABN AMRO Mellon Global Securities Services as global custodian for assets valued at €1bn.
ABN AMRO Mellon’s appointment was confirmed earlier this year, and in the past week the final tranche of assets, valued at just over €1bn was transitioned from the fund's previous provider, Citigroup, which administered custody indirectly through PVF F&C.
The Dutch pension fund’s remaining assets, valued at €2.4bn, are invested in real estate, mortgage and pooled funds with F&C.
ABN AMRO CEO Mellon Nadine Chakar said its ‘home’ market, the Netherlands was absolutely central to its plans going forward and the company looked forward to working closely with the Merchant Navy Pension Fund.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers