Custodian KAS Associatie is targeting small and medium-sized UK pension funds in the first stage of its European expansion plans.
The Dutch bank, which has EUR220bn (£131bn) under custody, is aiming its custody services at UK banks and brokers and non UK-based banks, as well as pension funds. Initially KAS' efforts in the UK will be concentrated on providing custody, settlement, clearing and related economic management information services.
KAS is targeting small to mid-sized pension funds in the UK as it believes that it is a growing niche which is currently under served by existing participants in the custody market. As well as the UK, KAS is looking to expand into France, Germany and Belgium.
In the UK, KAS has the largest share of the London market for the settlement of Dutch securities transactions. KAS is linked to central securities depositories and central banks in the Netherlands, UK, Belgium and Germany. It is also affiliated as a general clearing member to the central clearing organisations in the Netherlands, UK, and Belgium. In April 2001, the bank announced that it had been admitted as a general clearing member of Euronext, Paris.
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