An Post, the IR£1.4bn (e1.78bn) pension scheme of the Irish Post Office, has awarded the global custody for the fund to ABN AMRO Mellon Global Securities Services.
The custody brief, which will be managed from ABN-AMRO Mellon’s London base, includes full investment accounting, compliance monitoring and cash management services.
The appointment – ABN AMRO Mellon’s first custody win the Republic of Ireland - is the latest move in a restructuring of An Post’s pension scheme following a review of the fund’s long-term investment strategy, which upped the number of investment managers to the scheme from three to four.
The funds assets under management have grown remarkably over the last five years from a level of just IR£350m to quadruple that amount today.
Simon Shapland, director of sales for ABN-AMRO Mellon, comments: “ The appointment is highly significant for us. It is ABN-AMRO Mellon’s first custody client in the Republic of Ireland, which marks a recognition of the truly multinational nature of our offering.”