The Sfr7.5bn (€5bn) Nestlé pension fund has appointed Northern Trust Co to handle its global custody arrangements.
Custody was previously handled by Pictet & Co in Geneva. Erwin Meyer, treasurer of the Swiss fund, said: "Nestlé decided to change is custody policy and throughout the world where we have a presence we have consolidated custody to five or six providers from 20 to 25 previously. We had no problems with Pictet as a firm or their service."
