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Northern Trust Appointed Custodian for 2.3 Billion Euro Stichting Pensioenfonds Openbare Bibliotheken
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Rhea-AI Summary
Northern Trust (Nasdaq: NTRS) has been appointed by the Dutch pension scheme, Stichting Pensioenfonds Openbare Bibliotheken (POB), to deliver global custody and compliance monitoring services. POB, established in 1957, manages approximately EUR2.3 billion (about US$2.5 billion) and serves around 25,000 members in the library sector. POB values Northern Trust’s deep understanding of the Dutch pensions sector and its commitment to social responsibility, including employee volunteerism in libraries. Northern Trust has over three decades of experience supporting Dutch clients, aligning its services with evolving pension scheme complexities.
Positive
Appointment by POB enhances Northern Trust's portfolio in the Dutch pensions sector.
Northern Trust's commitment to social responsibility positively aligns with POB's values.
Experience in servicing Dutch clients gives Northern Trust a strategic advantage.
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Mandate Underpinned by Shared Focus on Social Responsibility and Commitment to Give Back to Local Communities
AMSTERDAM--(BUSINESS WIRE)--
Northern Trust (Nasdaq: NTRS) today announced it has been appointed by Dutch pension scheme, Stichting Pensioenfonds Openbare Bibliotheken (POB), to provide global custody and compliance monitoring services.
Established in 1957, POB is a public sector defined benefit (DB) pension scheme dedicated to the library sector in the Netherlands with approximately 25,000 members and EUR2.3 billion (approximately US$2.5 billion; as of 31 January 2023) of assets in the pension scheme. POB’s mission is to deliver a financially sustainable and future-proof pension scheme. This is underpinned by a culture of social responsibility and community-driven values, coupled with a measured approach to managing risk aligned to the values of the members in the scheme.
“We are clear on our ambitions to remain an independent and future-proofed scheme,” Margreet Teunissen, chair of the board of POB said. “We are pleased to have Northern Trust as our long-term strategic partner to help us achieve our goals. They have a deep understanding of the Dutch pensions sector and its partnership and solution-oriented approach are aligned to our values and approach. More importantly, Northern Trust’s commitment to support the librarian community by offering their employees to volunteer there, as part of the company’s supportive philanthropy programme, was very appealing to us.”
“We are pleased to be supporting POB on their journey,” said Herman Prummel, country executive, the Netherlands at Northern Trust. “We fully understand the complexities that are emerging and evolving for pension schemes. Against the backdrop of upcoming legislation to reform the industry, our local team stands ready to provide the expertise and support needed. As an established partner to Dutch pension funds, Northern Trust is committed to the Dutch pensions industry and its evolving needs.”
With more than three decades of experience in servicing Dutch clients, Northern Trust offers deep local market expertise and comprehensive asset servicing solutions to meet the unique needs of Dutch institutional investors.
About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2022, Northern Trust had assets under custody/administration of US$13.6 trillion, and assets under management of US$1.2 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
