KAS wins Gerling UK custody business
UK – Credit finance provider Gerling NCM’s UK Pension Scheme has appointed KAS Bank as custodian following a move out of pooled funds into segregated funds.
The 40 million pound (56 million euro) scheme was previously managed in a pooled structure by Merrill Lynch, but NCM decided to adapt their investment strategy resulting in some of the funds being moved into a segregated portfolio.
This global segregated equity mandate will be managed by Alliance Bernstein, with KAS Bank providing the custody services.
Commenting on the appointment, Ben Kajtazi, head of relationship management at KAS, said: “There is a definite niche in the UK market for KAS in providing independent custody services for small to medium sized pension schemes.”
KAS Bank is in the process of raising its profile within the European market as a neutral service provider, concentrating initially on the United Kingdom, Germany, France and Belgium.