St. Laurent Paperboard Inc., Montreal, hired Desjardins Trust as trustee and custodian for its C$230 million (US$149 million) pension fund, said Jean Lagacé, senior manager of corporate services at Desjardins.
St. Laurent recently was acquired by Smurfit-Stone Container Canada Inc., and custodial services for the pension funds, with C$500 million in combined assets, were consolidated. The pension funds, however, will continue to be run separately under a master trust. Smurfit-Stone has used Desjardins Trust as custodian for its pension fund since 1994.
