Stichting Nedlloyd Pensioenfonds has appointed JP Morgan to provide global custody, pension fund accounting, cash management and a wide range of investment information services including ESG reporting.
As a result of the new mandate, JP Morgan’s securities services unit will provide services for €1.4 billion worth of assets.
JP Morgan was awarded the mandate in the spring of 2021 following a thorough request for proposal (RFP) process by the Dutch pension fund.
JP Morgan is expected to transition the assets by the end of Q4 this year.
“JP Morgan is one of the most experienced providers of custody and fund services in the Netherlands with a strong servicing team in Amsterdam,” said Randy Caenen, chief finance and risk officer at Stichting Nedlloyd Pensioenfonds.
“It was a very competitive process, but from the start there was a clear commitment and enthusiasm from the JP Morgan team making it clear that our assets are in safe hands and our requirements will be accommodated. Their strong operational capabilities, combined with experienced team, gives us every confidence that JP Morgan is the right choice.”
The mandate is the second pension fund win in the last 12 months for JP Morgan, which regained a global custody deal from Valtion Elakerahasto (VER), the State Pension Fund of Finland in December 2020.
“Our suite of pension fund services has been specifically designed to support the current and future requirements of the pension fund industry,” said Rene Wiegel, head of platform sales for the Benelux.
“The Dutch pension landscape is going through significant and fundamental change and it is important that our pension fund clients, of all sizes, can rely on us to provide a best-in-class service.”
Earlier this month, JP Morgan announced that its securities services division would support the bank’s asset management unit in its multi-year initiative to implement a new operations model by providing middle-office capabilities.
The decision to outsource the services comes as part of a multi-year initiative to implement a new global operations model for JPMAM and, in a statement, the asset manager said it will benefit from a service-oriented, scalable, end-to-end operating platform to enable business growth.