UK - KAS BANK has been awarded a £30m custody mandate by Stena Line (UK) pension scheme.
Under the brief, KAS will provide core custody and investment accounting services to Stena Line’s global equity fund, which is managed by Alliance Bernstein.
Mercer Investment Consulting advised the fund on the search.
“This appointment reflects the fact that we can provide a high quality service that offers value for medium-sized pension funds and demonstrates that KAS BANK has established itself as an alternative custody provider in the UK pensions market,” said Kate Parker, head of sales for UK institutional investors at KAS.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers