Kas Bank acquires fund administration operations of Postbank

Mon. July 20, 2009; Posted: 09:33 AM

Jul 20, 2009 (Datamonitor via COMTEX) -- DEUPF | Quote | Chart | News | PowerRating -- Kas Bank, a Dutch provider of wholesale securities services, has signed an agreement to acquire Deutsche Postbank Privat Investment Kapitalanlagegesellschaft, which belongs to Deutsche Postbank Group.

Transfer of the shares is scheduled for the end of July 2009. Deutsche Postbank Privat Investment Kapitalanlagegesellschaft (PPI) administrates the mutual funds of Postbank Group in Germany. The parties have agreed not to disclose the purchase price.

The sale does not entail any changes for Postbank customers. The funds will continue to be run by the same management under their existing names. Clients' custody accounts will also be upheld and fund sales will remain unchanged. The staff of PPI at Bonn in Germany will be taken on by Postbank.

Albert Roell, chairman of the Kas Bank managing board, said: "We are delighted that our plans to acquire PPI have succeeded, as this fits perfectly within our growth strategy in Europe and the German institutional market. Since July 2008, we have offered fund administration services to pension funds and insurers through our subsidiary Kas Investment Servicing in Wiesbaden. With the acquisition of PPI we have taken another step in developing our activities as a Master KAG for mutual funds and administration."

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