NETHERLANDS - Northern Trust has won a e400m mandate to provide custody and transition management services to Dutch food retailer Laurus.
In addition to providing core global custody, compliance monitoring and performance analysis services to the e400m (approximately US$483m) pension scheme, Northern Trust will restructure the assets into a new investment manager structure.
Dick Kamp, pensions manager at Laurus, said Northern Trust was chosen following a review of several global custodians.
“After the initial selection, we subsequently decided to employ Northern’s transition management group to restructure the assets, which occurred seamlessly,” he added.
“Being able to work with one provider on both aspects turned out to be a major benefit for us...We are now able to consolidate our reporting and analysis requirements, thereby reducing risk and administrative inefficiencies.”
Paul Cutts (pictured), head of relationship management for Northern Trust’s asset servicing clients in Europe, said: “We recognise that Laurus is one of the companies spearheading excellence in pension management in the Dutch market and it has a highly developed, forward-looking strategy in this respect.”
Northern Trust plan to open an office in the Netherlands early in 2006 to service Dutch pension funds.
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