The Northern Trust Company announced today that Stamford-based MeadWestvaco Corporation has selected Northern Trust to provide securities services for $4 billion worth of defined benefit and defined contribution pension plans.
MeadWestvaco’s defined benefit assets, totaling $2.8 billion, were transferred to Northern Trust as of October 1, 2002. MeadWestvaco’s defined contribution assets, valued at $1.2 billion, were transferred to Northern Trust as of January 1, 2003.
“MeadWestvaco will utilize Northern Trust’s global custody, securities lending, commission recapture, performance, transition, and benefit payment services,” says Griff Ehrenstrom, Vice President of Sales in the Corporate and Institutional Services division of Northern Trust. “Their selection of us for these responsibilities underscores our desire to provide premier support to investment program managers.”
MeadWestvaco Corporation produces packaging, coated and specialty papers, consumer and office products and specialty chemicals. The company operates in 33 countries.