NETHERLANDS - The €8bn pension fund for the Dutch retail sector has selected KAS Bank as its custodian and administrator of its assets.
The bank has also been tasked with risk monitoring and will provide the scheme's board and investment committee with management information.
Cees Bezuijen, sales and business development director at KAS Bank, said: "We check the performance of the asset managers, as well as the investment policy, against the agreed restrictions. In addition, we'll provide the scheme's management with all vital information on investments and balance."
KAS Bank said its independent position and expertise were decisive in winning the Stichting Pensioenfonds voor de Detailhandel contract.
Bezuijen said: "Its choice confirms our position as independent risk monitor, custodian and administrator. We provide tailor-made reporting and risk management services focusing on the scheme's needs, allowing its board to be in control."
The industry-wide pension fund provides pensions for 900,000 workers and former workers, as well as 62,000 pensioners in the retail sector.
The retail scheme has 33,500 affiliated companies.
KAS Bank is an independent European specialist in securities services.