UWV awards custody mandate
The e2.2bn Stichting Pensioenfonds UWV, the Workers’ Insurance Authority pension fund, has awarded its global custody to ABN Amro Mellon.
The bank will provide investment custody services, including accounting, performance measurement and administrative and regulatory reporting.
The fund was created in July last year as a result of a merger between the pension funds of UWV, GAK Nederland BV and CADANS.
“Stichting Pensioenfonds UWV is a newly consolidated pension fund, which therefore required a specialist in the Dutch market to work within a tight timeframe to provide a flexible, high-standard service,” said Nadine Chakar, chief executive of ABN AMRO Mellon.
The UWV teamed up with health care fund PGGM to launch a ‘care for work’ initiative this year. UWV pays benefits to more than 1.2m claimants and collects premiums from some 400,000 employers.