The Local Government Pension Scheme (LGPS) has picked KAS Bank to help improve the governance of its funds.
The custodian and fund administrator that specialises in pension schemes will monitor and report on the investment performance of LGPS’ 89 funds in England and Wales.
KAS UK managing director Pat Sharman (pictured) told portfolio institutional that the brief is to help LGPS make better investment decisions by monitoring the performance of its managers.
She explained that this is something the client could do itself, but this reporting requires specialist platforms, systems and knowledge.
This offering has helped KAS to win four mandates to provide independent governance reporting to UK pension schemes in the past three months.
The pension funds of Arla Foods and the British Medical Association (BMA) have been added to its client list so far this year along with that of an unnamed public trust.
The Dutch outfit won this latest mandate following a beauty parade of potential providers, a process that was managed by Norfolk County Council.
Trustees of the funds supporting millions of council workers sought a new provider after State Street stopped offering the service on a standalone basis last year.
KAS has more than 60 clients managing €110bn of assets, the majority of which are pension funds.
