GERMANY - Kas Bank, the Dutch securities bank, has formally acquired Delta Lloyd's German investment manager business, following its exclusive talks with Delta Lloyd Deutschland last month.

The insurer Delta Lloyd told IPE earlier this year it wants to centralise its asset management to the Netherlands, and part of this had led the group to enter into discussions with Kas Bank to outsource "a part of asset management that is not directly necessary for our own activities".

Christof Göldi, chief executive of Delta Lloyd Deutschland, commented the sale
of the German fund administration activities is part of the company's strategy, resulting in a "leaner organization".

A spokesman for Kas Bank said at the time of the discussions the operation would be conducted by Kas Bank's Frankfurt office, which it opened in the second half of last year.

Albert Röell, chairman of Kas Bank's Managing Board, said in a statement: "Fund administration and fund reporting services are a specialism, to be executed by pure neutral specialists."

The move is part of Kas Bank's drive to continue changing its course to become an so called ‘pure play' specialist in wholesale securities services.

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