Dutch insurer a.s.r. has announced the acquisition of BNG Vermogensbeheer, the asset management division of BNG Bank, in a bid to strengthen its client base in the public and pensions sector.
BNG Vermogensbeheer currently manages €5bn on behalf of lower-tier authorities, health care educational institutions, universities, network companies, housing associations, charitable trusts and capital funds, industrial pension funds and medical insurers.
a.s.r. CFO Chris Figee comments on the acquisition: ‘The services and staff of BNG Vermogensbeheer are a welcome addition to our existing product palette and organisation, and will substantially speed up progress toward our growth goals. We aim to be a major player on the Dutch market for asset management, and warmly welcome the employees of Vermogensbeheer to the a.s.r. family.’
Jack Julicher, a.s.r. CIO: ‘The merger of BNG Vermogensbeheer and a.s.r. will create a strong asset manager for institutional clients with a balanced risk-return ratio and a firm commitment to sustainability.’
John Reichardt, CFO of BNG Bank, added: ‘BNG Bank is a committed partner and financier of the public sector. Asset management is however no longer a core activity of the bank, so we are delighted to have found in a.s.r. a strong party who will give BNG Vermogensbeheer the opportunity to apply its expertise to a broader target group.”
The transaction is due to be completed in the second quarter of 2015, subject to regulatory approval.