De Eendragt moves to KAS
Stichting Pensioenfonds De Eendragt, the €800m Dutch paper and graphics industry scheme, has chosen KAS Bank as its custodian.
“We have chosen KAS Bank due to the increasing complexity of our portfolio, which is partly related to the hedging of interest and indexation risks by means of derivatives,” said scheme director Philip Menco.
“Due to the growing complexity of our investment portfolio, partly as a result of liability and inflation hedging, the sophisticated online reporting of KAS Bank is a necessary improvement over the once-a-month paper overview of Fortis,” he added.
“We endorse this development amongst Dutch pension funds that takes place in spite of the postponement of the New Financial Framework,” added KAS managing board chairman Albert Röell.
qABN Amro Mellon has won a €850m global custody services mandate from Dutch mutual life insurance company Onderlinge Levenverzekering-Maatschappij ‘s-Gravenhage. The mandate includes core custody services, with the potential for value-added solutions, including investment accounting and performance measurement