SWITZERLAND – Northern Trust has won the custody mandate for Nestlé Switzerland’s SFr 7bn (€4.6bn) pension fund.

The fund, based in Vevey, will receive domestic and global custody and related services, including risk performance, performance measurement, online services, Swiss stamp tax processing and reporting and offshore services.

Says Lucille Knapp, vice president of Northern Trust: “Major reasons given to us were our global presence – allowing us to serve Nestlé in several countries, also out of Europe, as well as our understanding of both local needs and those of the parent company.”