In December 2011, Pension Fund Gasunie chose the then KAS BANK (acquired by CACEIS in 2019) as its service provider for investment administration, performance measurement and currency overlay. In 2024, PF Gasunie started securities lending with CACEIS, which had acquired the Amsterdam bank in 2019. Peter van der Pol, Asset Manager at PF Gasunie, and Rutgur Boersma, Finance & Control Manager at PF Gasunie talk about the development of the relationship with CACEIS over the years and the benefits for their business.
Could you tell us about your business ?
Peter van der Pol: Since 1963, Stichting Pensioenfonds Gasunie (PF Gasunie) has been administering the pension schemes for current and former employees of Gasunie and GasTerra. Gasunie, based in Groningen and wholly owned by the Dutch state, not only supplies gas but also develops numerous innovative solutions for hydrogen and the storage of CO2 and gas.
Can you tell us about your choice of KAS BANK in 2011 en then CACEIS as asset servicer ?
Rutgur Boersma: After careful consideration of 16 parties, the decisive factor in choosing KAS BANK in 2011 was its long-standing experience with pension funds and its knowledge and networks in the field of Dutch legislation and regulations. This was seen as a distinguishing feature compared to, for example, the American custodians in the market. Both companies share core values such as innovation, an informal atmosphere and mutual cooperation with short lines of communication. In 2023, the pension fund decided to refocus its securities lending activities and ultimately chose CACEIS.
How did CACEIS rise to the challenge?
Peter van der Pol: “In 2024, PF Gasunie transferred a share portfolio worth €1 billion from one external asset manager to another. The first asset manager had always handled securities lending, and the pension fund asked the new asset manager to continue providing this service in the same way. The knowledge was there, but discussions resulted in insufficient enthusiasm on the part of PF Gasunie, and we started looking at other parties. Long and short lists were drawn up and criteria were established for the selection of service providers. The financial soundness and collateral of the financial party were important factors in this. After approaching various parties, PF Gasunie ended up with CACEIS in 2023. CACEIS was able to accommodate not only the shares in the service, but also the bonds. The fact that CACEIS was the only securities lending counterparty, combined with its strong credit rating, played a major role in the decision-making process. The entire process took about a year and a half. CACEIS then set up the IT infrastructure, and in August 2024, the service went live and the first transactions took place. The first reports became available in the fourth quarter of 2024.”
What do you consider to be the main advantage of your partnership with CACEIS?
Peter van der Pol: “The collaboration with CACEIS has always been good. There is general satisfaction with the custody and reporting services, our client manager is easily accessible and always knows how to find a solution when things don't go as planned. For securities lending, we quickly arrived at a logical partner in CACEIS. We entered into discussions and accepted CACEIS's offer.”
Rutgur Boersma: “We listed the factors that were decisive for us in the area of securities lending. The fact that CACEIS is part of a solid financial institution, Crédit Agricole, certainly played a role; after all, this means there is sufficient collateral in the form of cash. In addition, CACEIS is the only securities lending counterparty that offered us a solid solution structure. The entire process took about a year and a half before we decided to go with CACEIS.”
