BNY Mellon Asset Servicing has been selected to provide custody and associated value added services to EUR 2.8 billion in assets held by Pensioenfonds Horeca & Catering (PH&C). PH&C previously used KAS Bank as custodian.
According to Willem Hamminga, manager of asset manager at PH&C and in charge of the transition between custodians, We needed to upgrade our global custody offering, and outsource part of our activities. PH&C previously had a five year relationship with KAS Bank, and chose BNY Mellon after a complete selection process. PH&C would not say which others custodians were considered for the mandate.
BNY Mellon will with also supply performance measurement services, Dutch regulatory reporting, securities lending, compliance monitoring, passive currency overlay, global collateral management and global class action services.
After an extensive due diligence process, we chose BNY Mellon because of its financial stability, strong technology reinvestment programme and its proven record in respect of service standards, client focus and relationship management, said Ernst Hagen, head of asset management at PH&C. We particularly value BNY Mellons local Dutch service capabilities and through their flexible approach, we have been able tailor their services to our needs.
For example, in respect of securities lending, we have chosen a conservative, low risk approach. With BNY Mellon, PH&C is able to bring all investment related services to best practice levels, while maintaining its position as most cost efficient pension fund amongst its peers.
PH&C is a Dutch regulated industry-wide pension fund for the hotel, restaurant and catering business. With over 800,000 participants and 30,000 employers, PH&C is one of the top ten largest pension funds in the Netherlands. The fund is a diversified portfolio with a broad range of asset classes, investment managers and investment styles including non-listed and emerging markets equities.
Giles TurnerNews Editor