NETHERLANDS - The Bank of New York Mellon (BNY Mellon) has been appointed to service a €3bn (US$4.72bn) global tactical asset allocation (GTAA) mandate by Dutch giant APG Investments.
Ruud Gilissen, director of investment & information services, APG Investments, said: "We have partnered BNY Mellon for traditional investments and global custody services for a number of years and have always been impressed with their high quality service and flexible approach to our partnership.
"Their intuitive understanding of our business and ability to share knowledge in the accounting and valuation of more complex OTC derivatives, along with the expertise and enthusiasm of the BNY Mellon team, made them the natural choice when it came to selecting them as our partner in this venture."
The mandate also included customised co-sourcing of activities and products of their managed portfolios in the esoteric product environment.
APG Investments, the asset management arm of the €215bn ABP fund, said it had tested the strategy and institutional process controls at its headquarters in Amsterdam for several months before awarding BNY Mellon the mandate.
BNY Mellon also said it had appointed Michel Sidier as head of its Istanbul office. Sidier, who joined BNY Mellon as country manger, France, in 2001, will oversee the company's strategy in Turkey, Israel and Azerbaijan.
William F. Williams, executive vice president, client management - developing markets, BNY Mellon, said: "With its high growth trajectory, Turkey is a critical growth market for our business. We remain very positive on the long term prospects for this market."
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.