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Chemie picks Ecofin for ALM and manager selection

GERMANY- Chemie Pensionsfonds, administered by HVB, has appointed Ecofin to carry out a full asset and liability study, and to assist in the selection of external asset managers.

It had been suggested that the fund would use two consultants, but Hans Melchior, fund director, said following a beauty contest it was decided to appoint Ecofin alone.

Chemie Pensionsfonds marked the first of the new pensions vehicles in Germany, set up by the German federation of chemical employers’ associations (BAVC) and the mining, chemical and energy Industry union (IG BCE) to provide a scheme for all employers in the chemical industry and those organisations with close links.

The fund has a potential membership of 800,000, with the first investments into the fund expected to happen late this Autumn.

Says Melchior: “by the middle to end of October, HVB, the investors and Ecofin will have decided upon the investment strategy. After that point, managers will be considered.”

Carsten Eckhert, managing director of HVB’s pension advisory arm Pension Consult, stated back in July that a range of managers would probably be selected.

“The Chemie Pensionsfonds won’t have much to invest initially, but it will grow quickly. So more managers could be asked to the table, the more money we have.”

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