Northern Trust says the Stichting Federatief Pensioenfonds (SFP) – the collective pension fund for small and medium-sized privatised public bodies in The Netherlands – has appointed it to provide custody, securities lending and performance measurement services to the Euros 330 million (approximately US$400 million) fund.
“Northern Trust has fully taken on board our priorities and has demonstrated a thorough understanding of our requirements,” says Dick Snijders, Chairman of the Board of Trustees of SFP. “They approached the tender process consultatively and flexibly which enabled us to reach the decision to award them this mandate promptly.”
Paul Cutts, Managing Director of Northern Trust’s office in The Netherlands, says he is “delighted,” particularly as the SFP pension mandate comes so soon after the Pensioenfonds Vervoer deal.
Northern Trust did not even open an office in Amsterdam until March. “Having a permanent base here is attractive to our clients and prospects who can benefit from having more direct access to our dedicated Dutch team of client service and business development professionals,” says Cutts.