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ABP appoints ABN AMRO Mellon for e50bn custody

NETHERLANDS – Europe’s largest pension fund the e150bn Heerlen based ABP scheme for Dutch government and education employees has appointed ABN AMRO Mellon as custodian for around e50bn in European assets.

As well as core custody services, the custodian will provide full investment accounting, compliance monitoring and securities lending to the fund.

The custody mandate will be managed by ABN AMRO Mellon from its Breda operations, with support and input coming from the group’s London, Boston and Pittsburgh offices.

Ton Berendsen, chief operating officer at ABP Investments, the asset management division of ABP, comments: “ABN AMRO Mellon passed our rigorous selection process. We expect the comprehensive added-value services they can provide to contribute to the maximisation of return on our assets.”

Nadine Chakar, managing director of ABN AMRO Mellon, added: “The appointment by ABP Investments is highly significant for us. Winning one of the world’s largest pension funds affirms that ABN AMRO Mellon is a major player in the marketplace, capable of taking on the largest mandates.
“ The mandate is also significant owing to the breadth and depth of services we are providing – not only core custody, but a good spread of value added services also.”

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