Aruba pension fund names State Street as custodian
Latest news
Aruba pension fund names State Street as custodian 12 December 2012London Reporter: Jenna Jones
Image: Shutterstock
Aruban pension fund, Stichting Algemeen Pensioen Fonds Aruba (APFA), which has approximately $1 billion in assets under management, has appointed State Street as custodian.
State Street will provide the pension fund—which is designed for public sector workers—with custody, fund accounting, risk analysis and performance and analytics.
Chief information officer at the APFA, Mark Bakker, said: “State Street was selected because of its experience in servicing pension funds in a fiduciary management structure.”
“As a former Netherlands Antilles island, it is likely that we will adopt the Dutch regulatory framework for pension funds so it’s in our best interests, as well as our clients, to work with a Dutch client service team who understands our challenges.”
Roel van de Wiel, business development executive for State Street’s global services business in the Netherlands, Belgium and the Nordic region, said: “In a recent research study we undertook, we found pension funds in the Netherlands rated risk management, regulation and compliance, and market volatility among the most important challenges they face.”
“With the likelihood of Aruban pension funds moving towards the Dutch pension fund framework we expect these will be key challenges for them as well. We are well positioned to support these challenges by leveraging our global knowledge as well as local market capabilities.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 