Northern Trust Wins Euros 400M Dutch Custody Contract

Dutch food retailer Laurus selected Northern Trust to provide its custody services, compliance monitoring and performance analysis services for Laurus' €400 million pension scheme. "Our focus on the Dutch institutional market is underlined by our plans to open an office

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Dutch food retailer Laurus selected Northern Trust to provide its custody services, compliance monitoring and performance analysis services for Laurus’ €400 million pension scheme.

“Our focus on the Dutch institutional market is underlined by our plans to open an office in The Netherlands early in 2006,” said Paul Cutts, head of relationship management for Northern Trust’s asset servicing clients in Europe, Middle East and Africa. “This will be a key part of our strategy to continue to gain market share in that region, by providing specialist asset servicing and asset management solutions to meet the unique needs of Dutch pension funds.”

Laurus Pension Fund awarded Northern Trust Global Investments, Northern Trust’s asset management arm, the transition management assignment to restructure the assets into a new investment manager structure.

“Having reviewed several global custodians, we chose Northern Trust because of the quality of its offering and its willingness to be flexible to meet our requirements,” said Dick Kamp, pensions manager at Laurus. “Being able to work with one provider on both aspects turned out to be a major benefit for us.”

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