GERMANY - Pensor, the €128m pension fund of German insurer Volksfürsorge, will merge its "core competencies" with those of parent insurer Generali's German Pensionsfonds.
The fusion has unseated Pensor's board as Michael Stille, Michael Stille, the chief executive of AMB Generali Pensionsfonds, has also become the chief executive of Pensor with effect from September 1.
Jens von Waldenfelds, an actuary and member of the German actuary association, has joined the management board at Pensor, while Fabian von Löbbeke, already a member of Pensor's management board, will be appointed to the board of management of AMB Generali Pensionsfonds from next month.
"The synthesis of the two companies and its core competencies provide the basis for a successful future in this business segment," said the firms in a joint statement.
"The two partners have a longstanding experience and offer attractive solutions especially for the outsourcing of existing pension schemes," the companies added.
The fusion follows last month's rebranding of the Generali-owned Volksfürsorge into Generali Beteilingungs- und Verwaltungs-AG, and the shift of Volksfürsorge's headquarters from Hamburg to Munich.
Pensor was one of the first German Pensionsfonds to be launched in 2002 and began as a joint venture between Commerzbank and German pensions consultant Höfer Vorsorgemanagement, before being acquired by Volksfürsorge in July 2005. (See earlier IPE story: ‘Volksfürsorge reports growth on pensions front')
Generali was not available for comment at the time of publication.
If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com
No comments yet