PMI picks Northern Trust for €13bn custody mandate
NETHERLANDS – The €13bn Dutch metal and electronic industries’ pension fund PMI-SVM has appointed Northern Trust as sole custodian.
The mandate, to be managed from Northern Trust’s London office, is for the provision of a full range of custody services, including regulatory reporting for both the Dutch chamber of pensions and insurance, PVK, and CBS, the Central Bureau of Statistics.
Other services include financial accounting, securities lending and performance measurement. PMI-SVM will also use Northern Trust’s online reporting and information service as part of the deal.
Says Roland van den Brink, managing director of PMI-SVM: “Northern Trust has a proven track record of offering excellent high-end services to the Dutch market. It gives us every assurance for added value in the areas of performance measurement, risk control and compliance.”
The deal comes shortly after PMI-SVM appointed SSgA, Vanguard and Merrill Lynch to run various equities and fixed income portfolios to the value of €2.5bn.