Dutch pension fund Hoogovens has appointed ABN Amro Mellon to provide it with global custody and data warehousing services. Stichting Pensioenfonds Hoogovens is the pension fund for the employees and pensioners of Corus Netherlands in IJmuiden.
The assets have already transitioned to ABN AMRO Mellon, which is providing a bundled solution that includes global custody, investment accounting, regulatory reporting, securities lending, cash management, FX and full-trade confirmation. Investment accounting for non-custody assets – encompassing private placements, mortgages and real estate – is also part of the package.
Importantly, says ABN Amro Mellon, this is the first time in The Netherlands that a mandate has incorporated a complete data warehouse solution, provided by Mellon subsidiary Eagle Investment Systems.
“After a meticulous six-month review of three global custodians on our short list, which included site visits, service level agreement reviews and the use of external consultants – amongst others NIBC, who assisted with drafting the SLA – we selected ABN AMRO Mellon for their ability to manage all of our service requirements,” says Harry Lensen, Hoogovens’ Chief Financial Officer. “The data warehouse solution played an important role in our final decision.”
Suzanne van der Linden, project manager at Hoogovens, adds that the deal “enables Hoogovens to be fully flexible in its strategy, while keeping abreast of the rapidly changing regulatory and fiduciary environment we face in The Netherlands.”
Nadine Chakar, CEO of ABN AMRO Mellon, describes the Hoogovens’ mandate as “a tremendously important win for us. While all providers can provide their clients with standard global custody services, and even bundled solutions, we have raised the bar through our unique ability to manage the complex reporting and regulatory requirements on behalf of a major Dutch pension fund. This solution is the first of its kind in our home market, and we are honoured by the appointment. We look forward to a long-term partnership with Hoogovens and their team.”