NETHERLANDS - SNS Asset Management is outsourcing its security services to KAS Bank.

A formal agreement to contract out its administrative securities process follows a letter of intent between KAS Bank and bancassurer SNS Reaal, KAS Bank stated in a statement, which will see SNS Asset Management outsource both the custody of its clients' assets as well as all additional security lending.

The firm claimed this will enable SNS Asset Management to process transactions more efficiently and to optimise its securities services.

The transition of the securities portfolios will begin on 1 April 2009 though its spokesman declined to provide details on the scope of the mandate.

PGGM, the asset manager of the €71bn Dutch pension fund PFZW, recently appointed KAS Bank as custodian for part of its securities portfolio.

KAS Bank is a European specialist in wholesale securities services, providing added-value services to national and international organisations in the pension and securities industries.

SNS Asset Management also defines itself as a responsible asset manager, offering products with added value to investors, while promoting social, ethical and environmental values.