ABN AMRO Mellon Global Securities Services has been appointed by GlaxoSmithKline as global custodian of its Euros 6 billion corporate pension fund.
The joint venture will provide global custody and performance measurement services to the fund’s assets. In addition, a bespoke and unitisation solution will be provided, which was ABN Amro Mellon says was one of the key factors in GlaxoSmithKline’s decision to appoint them.
ABN AMRO Mellon had an existing relationship with SmithKline Beecham and held assets in custody that amounted to Euros 740 million. Following the merger of SmithKline Beecham and Glaxo, the corporate pension fund decided to consolidate its custody assets with a single global custodian.
“We were impressed by ABN AMRO Mellon’s approach to our business, and their presentation demonstrated an excellent understanding of our requirements across the board,” says Martin Mannion, Pensions Finance Manager at GlaxoSmithKline. “They also had the right chemistry for us – a great team spirit and culture. We look forward to a high-quality service from them.”
Nadine Chakar, CEO of ABN AMRO Mellon, describes the mandate as” a significant business win for us in the UK marketplace” that “demonstrates the benefits of sharing common ground in our business philosophy, partnership approach and team culture.”