UK – KAS Bank says it has won a custody mandate from the 223 million-pound (332 million-euro) Cheviot Trust pension scheme for the legal profession.
It said in a statement that the brief was won “in consultation” with PSolve.
It added: “KAS Bank provides custody services to the cash flow matching fund managed by Legal & General Investment Management as well as liability matching and investment accounting reporting and compliance monitoring.”
"We are delighted to be chosen as the custodian for the Cheviot Trust,” said Kate Parker, of KAS Bank’s UK institutional sales team.
“This win further establishes KAS Bank's position in the UK market as the specialist provider of custody services for small to medium-sized pension schemes."
In March KAS said its overall 2003 net profit fell to 13.2 million euros from 53.8 million euros in 2002 - though it said things were on an upward trend.