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
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point