Siemens appoints ABN to keep pension fund records
GERMANY- Siemens AG has appointed custodian ABN AMRO Mellon Funding to provide global master record keeping services for its major worldwide pensions plans. The German, Swiss, Dutch, Austrian, British, US, Canadian and Swedish pensions schemes have e15bn in assets.
A London-based team will provide global record keeping for all assets in these plans, in addition to accounting, performance, analytics, attribution and compliance monitoring services for the assets.
By aggregating the pensions assets data through a master record keeping service, the performance of asset managers can be compared on a global basis. The service will also “improve the speed of data availability for better management and disclosure of pensions risk”, says Peter Scherkamp, head of finance strategies for Siemens.
“ABN AMRO Mellon was selected due to its systems flexibility, global presence and proven track record in record keeping”, added Scherkamp.
Nadine Chakar, managing director of ABN AMRO Mellon believes the global record keeping service to be a growing focus for the industry as a whole.