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Kvaerner awards custody to ABN Amro Mellon

UK - The 1.8 billion-euro UK pension fund of engineering group Kvaerner has awarded a custody and accounting services brief to ABN Amro Mellon.

ABN Amro Mellon replaced incumbent HSBC Global Investor Services, who only provided custody.

ABN Amro Mellon said: "Kværner elected to appoint ABN Amro Mellon as its business partner on account of ABN Amro Mellon's advanced multinational reporting capabilities."

"Sophisticated Multinationals such as Kvaerner are seeking new ways to control their global exposure to risk from pensions obligations and to manage asset liability," said Nadine Chakar, chief executive of ABN Amro Mellon.

"In choosing ABN Amro Mellon, Kvaerner can rely on consistent reporting and performance measurement across the locations."

ABN Amro Mellon Global Securities Services is joint venture between ABN Amro bank and Mellon Financial Corp. Mellon Financial has also been awarded custody of Kvaerner's US pension assets.

Kvaerner’s vice president of group pensions, John Starling, did not immediately return calls seeking comment.

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