NETHERLANDS – The €635m pension fund of Dutch media group Wegener has awarded a global custody and administration mandate to KAS Bank.

KAS said that in addition to core custody services, it would also provide performance measurement and compliance monitoring. The plan would also outsource its investment administration to KAS.

"We are extremely pleased with the arrival of Wegener,” managing board vice chairman Th.J.M. van Heese said.

“Their choice of KAS Bank is a confirmation of our quality as provider of securities services in Europe to institutional investors and financial institutions. Wegener is one of an increasing number of firms that are choosing KAS Bank for its additional added-value services.”

“Up until the end of 2004 no custodian was active for the fund as the asset management for the Wegener Pension Fund was linked to capital contracts at insurers,” managing director Elvin van den Hoek said.

“The choice for KAS Bank as our custodian was made following an extensive selection process whereby different relevant aspects of quality and price were balanced against each other.”

The transfer will take place on April 1.

Earlier this week Wegener reported that its profit from continuing operating activities before amortization of goodwill and exceptional items rose by 19.2% to €49.6m.

Meanwhile, KAS said it has become a derivatives clearing member on the Brussels and Paris exchanges.