The Philips pension fund - the third largest in the Netherlands - has appointed State Street Corporation to a EUR15bn custody mandate.
State Street’s brief is to provide custody, accounting, global securities lending, performance and analytics, compliance monitoring as well as foreign exchange services on a global basis.
State Street will continue to use Philips’ current custodian, Kas-Associatie, as sub-custodian for the Dutch assets.
Gabriel M van de Luitgaarden, senior vice president and chief financial officer of the Eindhoven-based fund said that State Street’s expertise in European servicing was a key factor in the appointment.
State Street will also be servicing Royal Philips Electronics corporate pensions.
By Madhu Kalia
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.