BNY Mellon Asset Servicing has won a global custody mandate from Stichting Bedrijfstakpensioenfonds voor de Suikerverwerkende Industrie and Stichting Bedrijfspensioenfonds voor de Suikerwerk & Chocoladeverwerkende Industrie (Bpf Koek & Snoep), valued at 1 billion.
In addition to global custody, BNY Mellon will provide a range of services including investment accounting, performance measurement, passive currency overlay and Dutch regulatory reporting.
According to a 2008 financial report, the previous custodian was KasBank.
“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 for their flexibility to accommodate our specific requirements and business objectives”, said Joanne de Graaff, Employer Chairman of the Board of Trustees for Bedrijfspensioenfonds Suikerwerk en Chocolade verwerkende industrie.
“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,” said Nadine Chakar, head of Europe, Middle East and Africa (EMEA), 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.”