Mn Services, the pension fund manager for the NLG40bn (e18bn) Dutch metalworking, pipe, mechanical and automotive trades (BPMT), has formally split its direct relationship with the fund to begin marketing its pension management services to third party institutions.
Harald Wouters, communications manager for Rijswijk based Mn Services, comments:
“ Before this arrangement we were part of the pension fund and we are still owned by the pension fund as our main shareholder, but we are an independent company now.
“ The fund is now the biggest client we have and we want to get more out of the market.”
Wouters says the fund is now actively looking at marketing its services to other Dutch pension funds and bringing them on board.
The group also says it believes that the quality and efficiency of pensions management in the Netherlands will be increased by more autonomy and a more open market.
The disengagement of the pension manager from the fund will be treated retrospectively from January 1 this year, and BPMT will remain the economic owner of Mn Services by dint of being its largest shareholder.
Mn has also signed a declaration of intent on co-operation with support services provider Cap Gemini Ernst & Young, in its bid to court third-party pension fund business.
Both companies have agreed to investigate how co-operation could lead to the founding of a new organisation by January 1, 2002.
Mn says the move is inspired by its ambition to increase it customer base by improving its fundamental provision of services.
The group, which recently announced its new board, currently provides pension services and asset management for 350,000 employees and 36,000 employers within the Dutch metal and technical industry sector.