KAS BANK has announced it will offer depotbank services in Germany. Seven funds have already been transferred to the depotbank, based in Wiesbaden, with a further 10 scheduled later in 2010.
The move is the latest in a series of German-centric moves by KAS Bank over the past three years.
In 2006 KAS BANK decided to ditch its 200 year-old association with private banking and focus on clearing and custody.
In August 2009 KAS BANK completed the acquisition of Deutsche Postbank Privat Investment Kapitalanlagegesellschaft a German fund administration business. In 2008, the Dutch bank also bought Aviva-owned Delta Lloyd Deutschland AG.
According to Jrg Sittmann, Managing Director, KAS BANK Germany: Establishing the Depotbank function was achieved within 12 months. All regulatory duties will be fully provided by our Wiesbaden staff. This builds on our position as a European specialist, adding competitive, added-value services for the German market. We distinguish ourselves by absolute independence, and a clear focus on the administration and settlement of securities transactions. We do not offer investment management services, thereby preventing conflicts of interest with our clients.”
Click here for a full detailed report on why KAS BANK bought wholesale fund administrators in Germany