GERMANY - The German branch of insurer Generali has completed the merger of its two pensionsfonds AMB and Pensor, to produce a €250m fund.
Generali's sister company, Volksfürsorge, took over Pensor, a joint-venture between consultancy Höfer and Commerzbank, in 2005 and "core competences" of the two funds were merged last year. (See earlier IPE story: Generali bundles German schemes)
Pensor was the first multi-employer pensionsfonds to be launched in Germany in 2002.
Generali and Volksfürsorge merged earlier this year so this fusion continued through to the merger of the Pensionsfonds.
As of September, the assets of the two funds were combined to make a €250m pensionsfonds sold under the Pensor name.
The Pensor headoffice will be moved to Frankfurt, where Generali Germany is based and the management board will be made up of executive members of the two companies' boards: Michael Stille (chief executive), Fabian von Löbbecke and Jens von Waldenfels.
"The merger of the pension funds allowing us to position ourselves even better than before in this business segment as a competent partner for corporate pension models, and to offer companies innovative solutions for the financing of company pension schemes," said Stille.
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