NETHERLANDS – Stichting Pensioenfonds De Eendragt, the €800m Dutch paper and graphics industry scheme, has chosen KAS Bank as its custodian.

The decision means a loss for incumbent Fortis Information Banking.

“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,” scheme director Philip Menco told IPE.

“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,” Menco said in a statement released by KAS.

“Partly due to this development, detailed online information is required, which KAS BANK offers by means of KAS-Web”.

“We endorse this development amongst Dutch pension funds that takes place in spite of the postponement of the New Financial Framework FTK,” added KAS managing board chairman Albert Röell.

“We are extremely pleased to welcome Pensioenfonds De Eendragt as our client.”

De Eendragt runs pension schemes for 16 companies in the papermaking and graphic industry and has around 10,000 participants.