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KAS Bank wins three UK pension fund mandates
16 March 2017
Dutch-based securities services provider targeting small to medium-sized UK pension funds
BMA Staff Pension Scheme
Arla Foods Pension Plan
KAS BANK's custody arm has won three UK pension
The trio of funds - with combined £1.6bn of assets
under management - include the BMA Staff Pension Scheme and a
major UK public trust.
Arla Foods Pension Plan, managed by Legal & General, has
also picked KAS BANK following a review of existing custodian
The new business comes after the Dutch-based bank decided to
focus its asset servicing efforts on UK pension funds two years
Headquartered in Amsterdam, the firm already services a
third of the Netherlands pension market.
Pat Sharman, managing director for the UK branch, joined KAS
BANK from HSBC Securities Services in 2015.
She told Global Investor/ISF that the company has
identified a huge gap in the market when it comes to small to
medium-sized pension funds.
"We are helping under-serviced and overcharged funds make
better informed decisions with sophisticated reporting
services, including cost transparency and benchmaking," Sharman
"Having spent 30 years at a major global custodian, I was
frustrated by the restrictions in terms of what I wanted to do
with my clients," she added.
"The attraction of KAS BANK is that it is independent so
there are no conflictions – it is just a securities
business. We do not have battles with the rest of the
KAS BANK aims to position itself "very differently to the
other providers out there," according to Sharman.
"That may not be for everyone but we certainly think
we’ll be attractive to the pension markets."
She anticipates further growth in the pension market over
the next 12 to 18 months, adding that "pension funds
don’t move quickly."