NETHERLANDS – Northern Trust has won a €7.5bn asset servicing mandate from the Dutch industry-wide transport pension fund (updated).

Northern Trust will become sole custodian of the scheme, the Stichting Bedrijfstakpensioenfonds voor het Beroepsvervoer over de weg.

Scheme interim managing director Hans van der Klink told IPE that Citibank had been custodian for roughly 10 years. But a Citigroup spokeswoman said it never had direct custody of all of the assets, which were held via F&C.

A spokesperson said that the scheme’s assets would be pulled from a reinsurance structure and put into a direct custody structure.

The mandate – awarded following a competitive tendering process with up to nine custodians – covers global custody, compliance monitoring, performance measurement, commission recapture and securities lending.

According to Van der Klink, ABN Amro Mellon “came a very close second”.

The scheme is also planning a complete restructuring of its investment portfolio. A tendering process for investment managers is expected in the future.

“We are beginning a full reorientation of the way the assets and liabilities of the fund are managed, and Northern Trust’s appointment is the first major step in this activity,” said Van der Klink in a statement.

He told IPE that the scheme is also currently looking for a fiduciary manager. A decision is expected at the end of March.

“We are very pleased with the selection of Northern Trust as master custodian, after a thorough and prudent selection process,” said Van der Klink.

The tendering process involved, amongst others, scheme chief investment officer Patrick Groenendijk and consultants Goris & Partners.