NETHERLANDS - The e635m pension fund for Dutch media group Wegener has appointed KAS BANK as its global custodian and administrator.
In addition to core custody services, KAS BANK said it would provide the Foundation General Pension Fund Wegener with added value services such as performance measurement and compliance monitoring. The fund will also outsource its investment administration to KAS BANK, with effect from April 1.
Elvin van den Hoek, managing director of APW, said: “Up until the end of 2004 no custodian was active for the fund as the asset management for the Wegener pension fund was linked to capital contracts at insurers.
“The choice for KAS BANK as our custodian was made following an extensive selection process whereby different relevant aspects of quality and price were balanced against each other.”
KAS BANK vice-chairman of the managing board, Th.J.M van Heese, said: “We are extremely pleased with the arrival of Wegener. Their choice of KAS BANK is a confirmation of our quality as provider of securities services in Europe to institutional investors and financial institutions.”
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