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
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