Grafische Bedrijfsfondsen (GBF), the umbrella pension arrangement for the Dutch graphics industry's €10bn pension funds, is to outsource its back office investment activities to KAS Bank

The bank has taken on GBF's investment administration, with three GBF staff transferring to it. Simultaneously, KAS Bank will provide an infrastructure to GBF
so that the organisation can maintain its focus on investment, risk and cash management, a GBF spokesman said.

"The investments we do are increasingly complex and put higher demands on our investment administration," added the spokesman. "We had to invest so much in this process, that we finally agreed that KAS Bank would be more adept at this, at a more competitive price."

Paul van Leeuwen, managing director of GBF, said: "The administration of our investment activities increasingly requires state-of-of-the-art securities systems."

As a consequence, GBF has decided to focus on its core, asset management activities and advice to clients, and outsource the investment administration to KAS.

The organisation, with around €10bn in assets under management, has been working with KAS Bank for a number of years, as the bank is GBF's custodian.