Dutch pension scheme picks Northern Trust for custody services
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Dutch pension scheme picks Northern Trust for custody services 30 March 2023Netherlands Reporter: Jenna Lomax
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Dutch pension scheme Stichting Pensioenfonds Openbare Bibliotheken (POB) has appointed Northern Trust to provide its global custody and compliance monitoring services.
Established in 1957, POB is a public sector defined benefit pension scheme dedicated to the library sector in the Netherlands, with approximately 25,000 members and €2.3 billion of assets in the pension scheme.
POB has a culture of social responsibility and community-driven values, coupled with an alignment to the values of the members in the scheme.
Margreet Teunissen, chair of the board at POB, says: “We are pleased to have Northern Trust as our long-term strategic partner to help us achieve our goals. It has a deep understanding of the Dutch pensions sector. Its partnership and solution-oriented approach are aligned to our values and approach.
“We are clear on our ambitions to remain an independent and future-proofed scheme. 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.”
Herman Prummel, country executive of the Netherlands at Northern Trust, adds: “We are pleased to be supporting POB on their journey. 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.”
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