NETHERLANDS - In a move to concentrate more on its core pension activities, the €10bn Grafische Bedrijfsfondsen (GBF) is to outsource its back-office investment activities and personnel to KAS BANK.
Commenting on the motive behind the decision, Paul van Leeuwen, managing director of GBF, said: "GBF has decided to focus on its asset management activities and advice to clients.
"The administration of our investment activities increasingly requires state-of-the-art securities systems. KAS BANK, being a specialist securities bank, can execute these activities in a more effective and cost-efficient way. GBF, in turn, will pass on the price/quality advantage for asset management to its new and existing clients."
Hans Kadiks, a member of KAS BANK's management board, said that he expected to see "further growth" in what he described as the "market of modular insourcing".
GBF, which administrates pensions for various industries, including the graphics/media industry, supplies services to 3,000 employers and almost 60,000 employees.
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