GERMANY - The German Delta Lloyd group is severing its connections with its pension consultancy arm BVE, and has agreed to sell the division via a management buyout.

The BVE Beratungsgesellschaft für Versorungseinrichtungen (pension fund consultancy) was founded in 1980 and then joined the Delta Lloyd group in 2000.

The company will now be sold to a management team consisting of BVE employees Nicole Blätterlein, Jan Harms, Torsten Krimmel, Carsten Nixdorf and Jürgen Wagner.

A chief executive has yet to be named.

Gerhard Haschke, who headed the BVE, will remain with Delta Lloyd in his position as head of the pension division, a spokeswoman at Delta Lloyd told IPE.

The buyout is part of a cost-saving "restructuring" of the Delta Lloyd group, announced in May, desigedn to keep the company competitive.