EUROPE - Two Dutch pension funds for the confectionary industry have signed BNY Mellon to provide the fund with custody and associated services, on the back of what officials say is pressure to meet increased transparency.
A statement from the two parties said the pension funds for the confectionary and chocolatiers industries - known as BPf Koek & Snoep - have signed BNY Mellon to provide global custody and related services to €1bn in assets, including investment accounting, performance measurement, passive currency overlay and Dutch regulatory reporting.
The two pension funds are considered to be relatively small but have been through some changes in recent months as the pension funds lost a key team member at the end of 2009.
Cees Peijster had been chairman of the board at BPF Koek & Snoep but died of a heart attack on 13 December 2009, having spent many years supporting solidarity on behalf of the trade unions at the pension fund.
Joanne De Graaff is his counterpart on the employer side, and has additional experience with pensions through her role as director of the Perfecti van Melle pension fund in the Benelux.
"Our decision to work with BNY Mellon was based not only on their very impressive track record for providing the highest quality of custody services to Dutch pension funds, but on their flexibility to accommodate our specific requirements and business objectives," said Joanne de Graaff, employer chairman of the board of trustees for BPF Koek & Snoep.
The appointment was made in part on the back of increasing pressure from Dutch regulatory bodies to improve governance and data delivery on all aspects of pension fund management, according to BNY Mellon.
"Proposed changes by the Dutch central bank are increasing the pressure on pension funds for greater transparency and robust risk management controls in respect of their investments," Nadine Chakar, head of EMEA at BNY Mellon Asset Servicing.
"We are committed to working on behalf of our Dutch clients in the months and years ahead to ensure they meet all new regulatory requirements, increase the effectiveness of their operations and minimize exposure to risk," she added.
Syntrus Achmea currently administers the pension funds but both funds are managed separately.
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