Dutch insurer Achmea and pensions administration and asset management group PVF Pensioenen, announced their merger last month, creating one of the largest as-set management groups in the Neth-erlands.

The deal brings together, according to the Mercer European pension fund manager's guide with figures dating to 30 June 1997, the third and fifth largest managers of Dutch pension fund assets to make the group the largest manager of Dutch assets, ahead of ING Investment Management.

PVF was managing $15.3bn and Achmea AM $12.1bn, a total of $27.4bn well ahead of ING's $16.9bn.

PVF, the former pension arm of the industrial insurance board, provides pensions administration and asset management to industry wide schem-es, companies and individuals. It will retain its identity with Achmea, a much larger group that encompasses co-operative banking and insurance, co-operating with PVF on new product development, administration and as-set management. John Lappin