The €3.4bn Dutch industry-wide pension fund for bakers has appointed State Street as its custodian.

BPF Bakkers said State Street would also handle all aspects of accounting and administration, oversee its securities lending programme and compile reports aligned with the Dutch financial assessment framework (FTK).

Jacques van de Vall, chairman of the fund’s board, said: “In an environment where pension schemes are facing increased regulatory oversight, it is critical to have the correct services in place to manage these functions.”

He said the appointment would allow the fund to remain focused on its “primary function” of securing pension income.

Oliver Berger, State Street’s head of asset owner solutions, added that the increased regulatory burden facing pension funds meant they would require enhanced data-management services.

In other news, Hampshire’s £4.5bn (€6.2bn) local authority pension fund is looking to hire a consultancy to run its manager procurement.

The scheme said the three-year contract, renewable for a further two years, would see the consultancy run five procurement exercises for unspecified asset classes.

Interested parties have until 21 October to contact the council, with the contract commencing in early December.