Northern Trust 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 pension scheme dedicated to the library sector in the Netherlands, with approximately 25,000 members and EUR2.3bn (USD2.5bn) of assets.
Margreet Teunissen, chair of the board of POB, said: “We are clear on our ambitions to remain an independent and future-proofed scheme. 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.”