Siemens AG, the German electronics and electrical engineering company , has appointed ABN AMRO Mellon to provide global master record keeping services for its major pensions plans. The deal covers all Siemens’ major pension funds worldwide, representing almost EUR15 billion of assets invested by Siemens’ German, Swiss, Dutch, Austrian, British, U.S., Canadian and Swedish pensions plans.
ABN AMRO Mellon, which claims to be among the first global custodians to offer master record keeping services, will provide Siemens AG with global record keeping for all assets in these plans, in addition to accounting, performance, analytics, attribution and compliance monitoring services for the assets. The record keeping mandate will be managed by a team based in ABN AMRO Mellon’s London offices. Throughout the selection and implementation process, Siemens AG was advised by its inhouse consultancy arm Pension Advisory, a n investment consultancy.
“Our decision to aggregate our pension assets data in this way is prompted by the desire to make the performance of asset managers globally comparable and to improve the speed of data availability for better management and disclosure of pensions risk,” says Peter Scherkamp, Head of Finance Strategies for Siemens AG. “ABN AMRO Mellon was selected on the basis of its systems flexibility, global presence and proven track record in record keeping.”
Nadine Chakar, Managing Director of ABN AMRO Mellon, adds: “We are delighted that Siemens AG has selected us for its record keeping requirements. This is a particularly significant win for us in an area which is a growing focus for ABN AMRO Mellon and indeed the industry as a whole.”