UK – Dutch securities services specialist KAS Bank says it has won a £51m (€75m) global custody mandate from the Volkswagen Group Pension Scheme.

It added it came in consultation with from advisory firm Hymans Robertson.

“KAS Bank will be providing core custody and custody related services as well as fund accounting to the global equity portfolio managed by Alliance Bernstein,” KAS said.

“We have worked hard to spread the word in the UK market about what makes KAS Bank different,” said KAS managing director Laurens Vis.

“These efforts have been rewarded by a number of high profile wins in recent months and we are delighted to be working with another such client.”

Meanwhile, KAS said its commission income in the third quarter of 2005 “developed in line with the first half of the year”.

This was due to an increase in the client base and increasing volumes amongst existing clients.

It said: “The managing board of KAS Bank continues to remain confident in respect of the second half of 2005.

It expected 2005 net profit to grow from the 2004 figure.