Austrian occupational provident funds (Vorsorgekassen) have recorded an uptick in assets under management (AUM) year-on-year in 2022 of €145.4m to €16.6bn, according to the annual report published by the Financial Market Authority (FMA).

The Vorsorgekassen returned -7.73% last year as a result of market volatility, against an average performance in the past 10 years of 1.31% per year, it added.

Provident funds invested the largest share of their assets in debt securities (61.64%), followed by cash (12.54%), equities (10.43%), real estate (7.10%) loans and credits (4.31%), with the remaining amount (3.98%) allocated in other investments.

Compared with 2021, the share of investments in equities fell by 9.9 percentage points while, in contrast, allocations to cash grew by 3.26 percentage points, in debt securities by 2.78 percentage points, and loans and credits by 2.04 percentage points, the report added.

The number of members entitled to a pension in provident funds rose year-on-year to 10.5 million in 2022.

Lurse snatches HDI Pensionsmanagement division

German occupational pension solutions provider Lurse will take over the pension business division of consultancy and service provider HDI Pensionsmanagement on 1 May.

HDI manages around 80,000 existing accounts in the field of life work and partial retirement, contractual trust arrangements (CTAs) and Unterstützungskassen, with more than 2,000 sponsoring companies.

With the acquisition, Lurse will also take over HDI’s occupational pensions and software development unit.

Lurse has opted to takeover HDI to strengthen the digital portfolio management of company pension schemes, particularly of institutions for occupational retirement provision (IORPs), and companies in the financial services industry.

It manages occupational pension contracts for companies, insurers and funds through the digital platform P·LIVE.

“We see ourselves as a process and cost optimiser in portfolio management for companies, insurers, banks and IORPs,” said Lars Golatka, managing partner at Lurse.

Fabian von Löbbecke, chief executive officer of HDI, added: “By transferring complex and cost-intensive management mandates, we are consistently continuing to focus on our core expertise in the field of actuarial and legal services.”

EthiFinance buys imug rating

Lyon-based rating agency EthiFinance has acquired German provider for strategy and implementation of ESG investments and ratings imug rating.

It is the third strategic acquisition carried out by EthiFiannce in Europe in less than two years, underlining efforts to become a pan-European financial and non-financial analysis provider. It is now active in Germany, Spain and France.

Founded in 1992, imug has built its expertise in sustainability research in the German-speaking market. Today, imug rating has a team of 30 employees.

The company has established itself as a partner for sustainable ESG strategies, data and reporting, second-party opinions, sustainability ratings and reports.

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