Stichting Algemeen Pensioenfonds Aruba, Oranjestad, hired State Street Global Services as global custodian for its $1 billion pension fund, Mark Bakker, chief investment officer of the pension fund, said in an e-mail.
Aruba, once part of the Netherlands Antilles, is likely to adopt the Dutch regulatory framework for pension funds. “State Street was selected because of its experience in servicing pension funds in a fiduciary management structure,” according to Mr. Bakker. “It’s in our best interests, as well as our clients, to work with a Dutch client service team who understands our challenges.”
Mr. Bakker said global custodian services were previously handled by investment managers of the fund.