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BNY Mellon wins EUR 2.8bn mandate in the Netherlands

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BNY Mellon Asset Servicing has been selected to provide custody and associated services to EUR2.8bn in assets held by Pensioenfonds Horeca & Catering.

PH&C is a Dutch regulated pension fund for the hotel, restaurant and catering business.

With over 800,000 participants and 30,000 employers, PH&C is one of the top ten largest pension funds in the Netherlands. The fund is a diversified portfolio with a broad range of asset classes, investment managers and investment styles including non-listed and emerging markets equities.

In addition to core custody, BNY Mellon will provide a range of services including recordkeeping, investment accounting, advanced performance measurement services, Dutch regulatory reporting, securities lending, compliance monitoring, passive currency overlay, global collateral management and global class action services.

"After an extensive due diligence process, we chose BNY Mellon because of its financial stability, strong technology reinvestment programme and its proven record in respect of service standards, client focus and relationship management," says Ernst Hagen, head of asset management at PH&C. "We particularly value BNY Mellon’s local Dutch service capabilities and through their flexible approach, we have been able to tailor their services to our needs. For example, in respect of securities lending, we have chosen a conservative, low risk approach. With BNY Mellon, PH&C is able to bring all investment related services to best practice levels, while maintaining its position as the most cost efficient pension fund amongst its peers."

"High quality transaction processing and client service are the twin pillars on which our business is founded," adds Nadine Chakar, executive vice president and head of EMEA, BNY Mellon Asset Servicing. "We are especially pleased that PH&C has enrolled in our securities lending programme which is a resounding vote of confidence in our ability to navigate tough market conditions. I am delighted that PH&C has chosen to join the ranks of the many Dutch clients who have chosen to partner with us."

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