GLOBAL - Rabobank Pension Fund has appointed BNY Mellon Asset Servicing to provide custody and other services for assets valued at $16.4bn (€11.4bn).

BNY Mellon said it was selected because it can offer the Dutch pension fund "a robust offering" while ensuring potential operational risks and administrative burdens are "reduced to a minimum".

Frank Froud, head of Europe, Middle East and Africa at BNY Mellon Asset Servicing, said: "Rabobank Pension Fund has a well-deserved reputation for prudence and innovation, and its close cooperation with its strategic partners means it benefits from having a highly effective and risk-averse operating model."

In March last year, BNY Mellon agreed to acquire German custodian BHF Asset Servicing and its fully owned fund administration affiliate Frankfurter Service Kapitalanlage-Gesellschaft.

The €253m transaction with BHF-Bank and Sal Oppenheim followed a cooperation deal between BHF Asset Servicing and BNY Mellon last year.