UK - Dutch custodian KAS Bank has won another global custody mandate in the UK, taking its institutional clients in the UK to 13.

The 320 million-pound (484 million-euro) mandate is for the Norcos Security Plan, the sponsor being Norcros Group, based in Wokingham. The industrial company employs over 1,200 in the UK.

In addition to custody, KAS will be providing investment accounting, performance measurement and cash management services to the plan’s funds managed by Hendersons, Liontrust, SSGA and Merrill Lynch.

The fund was advised by the funds investment advisers CAMRA Investment Consulting Associates. The actuaries are Aon Consulting.

According to ‘Pension Funds and their Advisers’ (the ‘Blue Book’), the plan is a hybrid arrangement, with just over 900 existing members. However it is a mature scheme with over 6,900 pensioners and an annual expenditure of almost 20 million pounds, with annual contributions of around one million pounds and investment income of just over seven million pounds.

KAS says that this is the first global custodian relationship for the plan, which transitioned earlier this year.

“We are extremely pleased to be appointed as the custodian for the Norcros Security Plan,” says Kate Parker, responsible for sales for UK institutional investors.

The bank says it has “made consistent progress in establishing itself as a specialist and independent custody provider for pension schemes in the UK”.

KAS Bank, with headquarters based in Amsterdam, has over 400 institutional clients and assets under custody of 242 billion euros.

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