The custodian and fund administrator was appointed as a preferred provider following a competitive tender process run by Norfolk County Council whose framework will be used to provide performance monitoring and reporting services to all 89 LGPS funds.
This follows Kas Bank’s recent announcement of three new mandates secured from UK pension schemes. These included the British Medical Association Pension Scheme and the Arla Foods Pension Plan. It currently conducts performance measurement calculations for more than 60 clients with a total of €110 billion of assets, the majority of which are pension funds.
Pat Sharman, managing director for the UK branch of Kas Bank, said: “By providing independent performance measurement, we provide our clients with information that helps them with the governance of their scheme, engage in conversations with their service providers based on unbiased information and, where needed, execute decisions in the interest of all the members of the scheme.”
She added: "We look forward to working with the LGPS funds and demonstrating our commitment to consistently delivering a high quality client-focused service.”