Source: Northern Trust
Northern Trust has been awarded the Euro 2.3 billion (approximately US$3 billion) custody mandate to provide global custody, securities lending, commission management, active collateral management, performance and risk reporting, cash management, and foreign exchange trading services to Stichting Bedrijfstakpensioenfonds Zorgverzekeraars ("SBZ") - the pension fund for health insurers.
"We appointed Northern Trust as our global custodian primarily because of its client service culture, and experience with fiduciary managers, as well as its high-quality services which met all our requirements," explains Peter van Gemst, SBZ's Chief Financial Officer. "Northern Trust's presence in The Netherlands was also a significant factor in its favour."
Says Paul Cutts, Managing Director of Northern Trust's office in The Netherlands: "We are delighted to have been selected by SBZ. Our dedicated Dutch team of client service and business development professionals is committed to ensuring the provision of high quality solutions which cater to our clients' specific requirements. This appointment also recognises Northern Trust's capabilities with respect to product innovation in support of fiduciary strategies."
This latest mandate follows Northern Trust's appointment by the Stichting Federatief Pensioenfonds and Pensioenfonds Vervoer for global custody and related services, both announced during 2006.
Commensurate with its growth in The Netherlands, Northern Trust has recently hired new people into its Dutch client service team. Most recently, Henk Groot joined as a senior relationship manager from Kasbank. His appointment follows those of Chantal Lambert who joined from ISS, and Ann Dubois who was previously part of the Northern Trust Investment Manager Liaison Group (IMLG), both appointed as account managers.