Fund manager DekaBank has
formed a joint venture with
Neuburger & Partner, a
Munich-based actuarial and
pensions consultancy, to provide
pensions consulting to German
institutional clients.
Deka is the asset management arm
of Gemany’s state-owned savings
banks (Sparkassen) and regional
banks (Landesbanken). Beyond these
shareholders, Deka’s institutional
clients include pension funds.
Deka says its venture with
Neuburger would offer the whole
range of pension consulting, most
notably actuarial services, asset liability
studies, liquidity management and
adoption of international accounting
standards.
A Deka spokesman says, however,
that the venture would not insist that
a client have its asset management
done by Deka. “It will naturally be up
to the client to decide which services
it wants,” he says.
Deka says the venture would target
pension funds tied to German smalland
mid-size firms. It adds that its
connection with Landesbanken
would enable it to generate business
from larger pension funds.
Angelika Roitzheim, head of pensions
consulting at Deka, notes that
“the two firms fit well together owing
to their respective client bases”.
Neuburger’s clients come from small
firms while Deka’s come from among
the Sparkassen.