HVB sells out pension consulting
GERMANY - The Bavarian HypoVereinsBank (HVB) has sold parts of its subsidiary Pension Consult in order to focus solely on Pensionsfonds.
Assets of the "consultancy occupational retirement provision" and "long-term accounts/insolvency protection ATZ" business units were sold to pension consultancy Institut für Wirtschaftsmathematik und betriebliche Versorgungssysteme (IWV), for an undisclosed sum.
HVB's Pension Consult and its team will be integrated into a subsidiary of the IWV banking group which is developing Pensionsfonds, one of the vehicles for occupational pension provision in Germany.
Andreas Gruber and Thomas Kick, both managing directors at Pension Consult, will move over to IWV in January 2008 to head the newly-acquired segments.
Kick took over the role as head of HVB's consultancy arm in 2004 when the then MD Carsten Eckert announced plans to join German insurer Allianz.
HVB, part of the Italian UniCredito group, stressed the team, providing consulting services to the €95m Chemie Pensionsfonds which is also managed by the bank, will remain the same.
The Chemie fund, with almost 25,500 members, was created in 2002 as an occupational pension vehicle for the chemical industry.