NETHERLANDS - The €219m Stichting Pensioenfonds OPG has appointed BNY Mellon Asset Servicing as its global custodian.

The contract also includes investment accounting, regulatory reporting, performance measurement, attribution and asset analytics, BNY Mellon has announced.

The asset service manager will be working closely with the Blue Sky Group, the fiduciary manager recently hired by OPG to provide advisory and investment management services to the scheme.

"Because of the relatively-small size of our pension fund, we rely heavily on outsourcing. So for enhancing our custody and investment accounting, BNY Mellon was the ideal choice, due to its comprehensive product suite and local servicing capabilities," explained Johan van Veen, managing director of the OPG scheme.

Nadine Chakar, chair of BNY Mellon Asset Services' supervisory board, attributed OPG's choice to her company's "ability to combine a broad range of innovative products and technologies with local market expertise".

OPG Group is an international retailer and distributor of pharmaceuticals and medical supplies. Its scheme provides pensions for 4,100 (deferred) workers and pensioners.

Amsterdam-based BNY Mellon Asset Services is a subsidiary of the Bank of New York Mellon.

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