Icelandic merger called off
Talks to engineer the merger of two of Iceland’s largest pension funds have proved abortive.
The e2.1bn Verslunarmanna, Iceland’s largest private sector pension fund, and the e596m Sameinadi, ranked seventh and itself the result of the merger of eight pension funds, have been in discussions about merging.
“The funds have now decided to put an end to the negotiations due to several factors, one of which is the different composition of the funds,” they said.
However, on 1 June a merger between unskilled workers’ pension fund Framsyn and the seamen’s fund Sjomanna was successfully completed to form Gildi, with e2bn under management. And on 1 July Sudurnes and Sudurland merged to form Sudurlands, or Southern Province, pension fund.
The Lifidn (e327m) and Samvinnu (e50m) merger has been approved by their members, while a decision on a union of Almenni Pension Fund (e320m) and the doctors’ pension fund Laekna (e174m) has been postponed.