UWV awards custody to ABN Amro Mellon

NETHERLANDS - The 2.2 billion-euro Stichting Pensioenfonds UWV, the Workers’ Insurance Authority pension fund, has awarded global custody to ABN Amro Mellon.

"ABN Amro Mellon Global Securities Services BV has been appointed by Stichting Pensioenfonds UWV in the Netherlands as its new global custodian," the joint venture said.

The firm, a 50-50 joint venture between ABN Amro and Mellon Financial Corp., added it would 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, or Uitvoering Werknemersverzekeringen, teamed up with health care fund PGGM to launch a ‘care for work’ initiative earlier this year. The plan aims to help reintegrate former workers in the healthcare and social work sector with a long-term employment disability and to help them find suitable work.

UWV pays benefits to more than 1.2 million claimants and collects premiums from some 400,000 employers.

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