With the acquisition of BNG Vermogensbeheer, a.s.r. will bolster its position in the Dutch market for external asset management, in particular in the (semi) public and pensions sector.
BNG Vermogensbeheer currently has close to €5bn worth assets under management.
As part of the transaction, BNG Vermogensbeheer’s team of around 10 will join a.s.r.’s asset management division.
Upon completion of the deal, BNG Vermogensbeheer’s clients will have access to the expertise of one of the Netherlands’ biggest asset managers, BNG Bank said in a statement.
a.s.r. CFO Chris Figee said: "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."
BNG Vermogensbeheer offers asset management to services to lower-tier authorities, health care and educational institutions, universities, network companies, housing associations, charitable trusts and capital funds, industrial pension funds and medical insurers.
It manages customized portfolios and specialist investment funds on behalf of these clients, using its own techniques and models.
BNG Vermogensbeheer managing director Jos de Wit said: "The market showed great interest in the activities and team of BNG Vermogensbeheer. However, our main priority was to find the best home for our clients in the form of a solvent and reputable player. For our employees, too, a.s.r. will be a stable employer with strong future prospects. a.s.r. and BNG Vermogensbeheer are thus an excellent match."
Subject to regulatory approvals, the transaction is expected to be completed in the second quarter of 2016.
BNG Bank is 50% owned by the Dutch state, while the remainder is owned by the municipalities and provinces. It provides customized financial services ranging from loans and funds transfers to consultancy, electronic banking and investments.
Image: a.s.r. to acquire asset management business from BNG Bank. Photo: courtesy of savit keawtavee / FreeDigitalPhotos.net.
