GERMANY – The newly-formed retirement provision company for the German chemicals industry is looking for an investment consultant to undertake an asset liability study and manager selection process for its new pension fund. A spokesman for IG-BCE says that it hopes to appoint a consultancy firm by the summer and to initiate an RFP during the autumn.

The new company, formally established last October in a joint venture between the chemical workers employers’ association, BAVC and its trade union IG-BCE, has a potential membership of 590,000 and is expected to attract more than €100m each year in contributions to its pension fund.

HypoVereinsBank (HVB) was selected last October to set the company up and provide administration services to it and its consultancy arm, Pensions Consult, is expected to take part in the search.

The spokesman says they are considering ten consultancy companies. Selection will take place in conjunction with the creation of an investment committee that will eventually work with the consultant on the fund’s investment strategy and manager selection process.

The new company is currently led by a supervisory board that consists of six members: two from the BAVC, two from IG-BCE and two from HVB.