The Blue Sky Group, which manages the pension assets of airline KLM, says it will “actively explore” co-operation possibilities.
In its annual report, the Amstelveen-based company says: “The management believes it would be advisable to focus not only on organic growth but also to actively explore the possibilities that exist for cooperation. This is expected to lead to new possibilities and to put the organisation in a better position to compete with major players, such as insurance companies or administrators. Activities of this kind should contribute to the company’s primary goals: continuity and quality.”
Assets under management at the end of 2003 rose to E8.1bn, from E7.7bn a year before.
The group had a turnover of E16m in 2003, compared to E10.6m in the abbreviated 2002 financial year. “The turnover increase was the result of the different rate structure agreed on with the KLM Pension Funds.”
It had a profit of E4.2 m up from E2.7m a year before.
Blue Sky gained its first non-KLM client last September: the Lucent Technologies Pension Fund. It is a private limited company with the three KLM pension funds as shareholders and has around 80 staff.