Northern Trust Appointed Custodian for 2.3 Billion Euro Stichting Pensioenfonds Openbare Bibliotheken

Mandate Underpinned by Shared Focus on Social Responsibility and Commitment to Give Back to Local Communities

Northern Trust (Nasdaq: NTRS) today announced it 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 (DB) pension scheme dedicated to the library sector in the Netherlands with approximately 25,000 members and EUR2.3 billion (approximately US$2.5 billion; as of 31 January 2023) of assets in the pension scheme. POB’s mission is to deliver a financially sustainable and future-proof pension scheme. This is underpinned by a culture of social responsibility and community-driven values, coupled with a measured approach to managing risk aligned to the values of the members in the scheme.

“We are clear on our ambitions to remain an independent and future-proofed scheme,” Margreet Teunissen, chair of the board of POB said. “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.”

“We are pleased to be supporting POB on their journey,” said Herman Prummel, country executive, the Netherlands at Northern Trust. “We fully understand the complexities that are emerging and evolving for pension schemes. 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.”

With more than three decades of experience in servicing Dutch clients, Northern Trust offers deep local market expertise and comprehensive asset servicing solutions to meet the unique needs of Dutch institutional investors.