State Street Corporation has been appointed by Stichting Bedrijfspensioenfonds voor het Bakkersbedrijf (Bpf Bakkers), the EUR3.4 billion Dutch pension scheme for the bakery sector, to provide a range of investment servicing solutions.
State Street will provide custody, accounting and administration, securities lending support, performance and daily investment compliance services. State Street will also provide FTK reporting, a Dutch specific financial assessment framework.
Jacques van de Vall, chairman of the Board of Bpf Bakkers, says: “In an environment where pension schemes are facing increased regulatory oversight, it is critical to have the correct services in place to manage these functions. Partnering with State Street gives us support to be able to concentrate on the primary function of managing and securing the retirement futures of those in the scheme.”
Commenting on the appointment, Oliver Berger (pictured), head of asset owner solutions & strategic market initiatives for State Street in EMEA, says: “In response to increased regulatory requirements, asset owners require enhanced data management services. A recent survey carried out by State Street* found that 55 percent of asset owners consider data management to be a high priority over the next three years. We look forward to providing Bpf Bakkers with greater levels of transparency, data analytics and tailored solutions to meet their specific needs.”
For this mandate, Bpf Bakkers employed Mercer Investments to assist them with their selection.