Siemens, the German electronics and electrical engineering firm, has appointed ABN Amro Mellon Global Securities Services as global custodian for its pension plans in Germany, Switzerland, the Netherlands, Austria, UK, US, Canada and Sweden, worth €15bn ($14.6bn).

Siemens used its in-house pension advisory team for advice on the appointment. Apart from custody ABN Amro will also offer accounting, performance analytics, attribution and compliance monitoring services for the funds.