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APG eyes European pension assets

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  • APG eyes European pension assets

EUROPE - Pension provider and asset manager APG Group is continuing its push for expansion abroad in 2009, focusing on developed European markets, according to director of pension administration Jaap Maassen.

Maassen today confirmed APG, the asset manager owned by ABP pension fund, is planning to market its administration and liability management capacity to large, mainly defined benefit type pension funds, as well as offer its asset management skills.

The group is already looking at several developments, focusing in particular on Scandinavia, though Maassen was reluctant to predict if any business will be written in credit crunch-ridden 2009.

The news just after the Dutch pension regulator DNB last week warned pension funds and pension providers with cross-border ambitions should put such plans on hold and focus on solving asset shortages caused by the credit crunch. (See earlier IPE story Concentrate on home territory, warns DNB's Kellerman)

A spokesman told IPE on Monday solving the asset shortages and recouping healthy cover ratios is indeed the most important problem for Dutch funds, though this should not prohibit APG from continuing its expansion abroad.

APG formalised its first third-party deal with the €1.6bn Italian pension administrator PensPlan in October this year, which will initially see APG manage €100m in assets for the Italian provider.

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com

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