NETHERLANDS - Stichting Bedrijfstakpensioenfonds voor de Groothandel in Levensmiddelen (Bpf GIL) has hired J.P. Morgan Worldwide Securities Services as global custodian for its €500m ($700.6m) scheme.
Aon Hewitt led the selection process, the firm said.
Benjie Fraser, practice lead for J.P. Morgan Worldwide Securities Services' pension fund business in Europe, said: "J.P. Morgan continues to demonstrate its commitment to the Dutch pension fund market in particular, and the European market in general. Working with Bpf GIL demonstrates the depth of our experience and our ability to provide tailored pension board reporting."
Boudewijn Heineman, chairman of the investment committee at Bpf GIL added: "We are pleased to have appointed J.P. Morgan as global custodian and we value their extensive expertise in the local Dutch market which, combined with their unparalleled global reach, will bring significant value to our business."
Last month, the US pension fund Maine Public Employees Retirement System hired the firm to provide custody and securities services to its $10.5bn fund. (Global Pensions; 5 April 2011)
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