BNP Paribas Securities Services has been chosen as the global custodian and fund administrator for the pension fund of Dutch mail service Pensionenfolds PostNL.
The mandate will involve custody and investment accounting of the pension fund’s €8.6 billion of assets, as well as investment compliance, regulatory reporting, performance and risk analytics services.
“In the search for a new custodian, we selected BNP Paribas Securities Services, a stable, leading global provider with a solid infrastructure. Their Dutch team, which responded to our specific wishes for the fulfilment of the mandate, their capacity and set-up in the Netherlands met our specific requirements,” said Rene van de Kieft, chairman, Pensionenfolds PostNL.
The transition of assets to BNP Paribas will take place in the coming months, and van de Kieft added the pension fund will be “close to the process, ensuring that everything runs as smoothly as possible.”
BNP Paribas Securities Services stated it has significantly grown its presence in the Netherlands in recent years by adding capacity and expanded its offering with a new pension fund dashboard, enabling Dutch institutional clients to monitor their investments daily.
“This mandate win highlights our strong growth in the Dutch institutional market and our ability to deliver operational innovation and best-in-class service to major institutional investors,” added Mark Schilstra, head of the Netherlands and Nordics, BNP Paribas Securities Services.
BNP Paribas Securities services hired Schilstra from State Street earlier this year with the aim to further develop its growth strategy in Northern Europe. He was previously co-head of client service operations for State Street in Luxembourg.