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APN rebrands in push for cross-border business

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  • APN rebrands in push for cross-border business

NETHERLANDS - Aegon Pension Network (APN), the European group pension arm of Dutch insurer Aegon, will is rebranded as Aegon Global Pensions.

"Aegon announces that its organisation, which provides cross-border pension solutions for multinational companies, will now operate under the new name ‘Aegon Global Pensions'. Since being launched in 2005, this initiative has been known as the ‘Aegon Pension Network'," said the company in a statement.

This announcement comes only weeks after IPE revealed the investment branch of TKP Pensioen is teaming up to offer cross-border pooling to European pension funds together with Aegon Asset Management, APN and Citigroup. (See: 'TKP Investments eyes cross-border business')

Frans van der Horst, managing director of Aegon Global Pensions, today said companies are looking for a more global approach to managing their pension arrangements, which increasingly span several borders.

"The name ‘AEGON Global Pensions' emphasizes the fact that we need to be as global as our customers," he added.

Aegon talso revealed today it has bought Turkish pension and life insurance provider, Ankara Emeklilik Anonim Sirket, which has around €35m in asset under management, for an undisclosed sum.

The group announced it has entered into an agreement to acquire 100% of the firm from Polis Bakim ve Yardim Sandigi.

"The move is Aegon's first step in the fast-growing Turkish life insurance and pension market," said the company in a statement.

The transaction is still subject to regulatory approval in Turkey, but is expected to close in the first half of 2008.

The company said in a statement this latest acquisition "complements the recent expansion of Aegon's business in Central and  Eastern Europe": Aegon is represented in Poland, the Czech Republic, Slovakia and Romania.

The Austrian insurance group Uniqa announced late last week it had sold its Hungarian pension asset management to Aegon because it felt the pressure of consolidation. (See earlier story: ‘Market dropout sparks Hungarian consolidation').

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

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