NETHERLANDS - The three pension funds of the Dutch food producer Royal Cosun have sacked Kas Bank and appointed State Street Corporation as their new custodian.

State Street will also provide accounting, regulatory reporting, and performance measurement and analytics services for the three funds which have combined assets of €620m, through the €440m Stichting Pensioenfonds Koninklijke Cosun, the €100m Stichting Pensioenfonds Aviko and the €80m Stichting Pensioenfonds Suiker 2007.

Ab Matser, group treasurer of Royal Cosun, told IPE the previous custodian was Amsterdam-based Kas Bank, though he declined to say why the funds had decided to replace the firm.

IPE reported in September the fund has appointed AXA Investment Managers for a €600m fiduciary mandate.

"We have reviewed our requirements for financial services in view of a new fiduciary management mandate for the three Royal Cosun pension funds signed recently," said Matser and Cor Veraart, head of the pension desk, in a joint statement.

Before the funds moved over to fiduciary management, the assets were managed by a small number of managers passively on specific mandates, and actively on equity and fixed income.

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