Philips' e15bn Dutch fund appoints State Street
NETHERLANDS – Holland’s third largest Dutch corporate retirement scheme, the e15bn Philips pension fund has appointed State Street to provide global investment and securities lending services.
The fund currently comprises 32 portfolios used for the management of its e15bn in assets.
“State Street’s focus, experience and technology coupled with the calibre and expertise of their European servicing team were key factors in our decision to appoint them as servicer for our fund,” says Gabriel van de Luitgaarden, senior vice president and chief financial officer of Philips Pensionfund.
State Street will also provide custody, accounting, compliance monitoring, foreign exchange, and performance and analytics services to the fund.
Kas-Associatie, the pension plan’s current custodian will be employed by the US company as sub-custodian for the Dutch assets of the fund.
“The sophisticated, total investment servicing package offered by State Street provides us with world-class, unparalleled support allowing us the opportunity to continue to focus on our core business,” adds Van de Luitgaarden.
State Street has US$5.8trn in assets under custody and US$703bn under management.