NETHERLANDS - The €10bn pension fund of Dutch finance giant ING has awarded a €2.2bn fixed income global custody mandate to the Bank of New York.

The bank said the award is in addition to its existing custody deal with the fund.

It said: "Stichting Pensioenfonds ING has approximately €10bn assets and the majority of the residual balance is invested in mutual funds, already custodised by the Bank of New York."

And the bank also announced it has been appointed global custodian by Dutch transport insurance company TVM Verzekeringen. It said: "The bank will hold over €300m in assets from TVM's insurance companies and the related pension fund."

TVM's chief financial officer Dirk Jan Klein Essink said: "We wanted to consolidate our custody needs with one high quality provider and The Bank of New York demonstrated that it was capable of understanding our specific needs.  We will benefit from significant economies of scale and are looking forward to working with the bank to further optimize our asset servicing requirements."

Earlier this week IPE reported that the Buckinghamshire County Council Pension Fund had hired ABN Amro Mellon to replace the Bank of New York as its custodian.