MN Services net profit increases by 94%
NETHERLANDS - MN Services, one of the largest Dutch pension fund administration and management services firms, says its overall net profit rose 94% in 2004 to €9.1m.
It said most of the increase was due to lower costs from better internal efficiency.
During 2004, MN Services made an average of yield on investments for its pension fund clients of 11.7%, which it says puts it in the top tier of the sector.
It has €24bn in investments in its portfolio.
Overall premiums rose slightly to €1.5bn in 2004, while the total volume of contracts slipped €99.7m.
MN said it is seeing higher demand for its services due to new regulations. It now has 30 clients – up from 24 a year ago.
More corporate and sector-wide pension funds are assessing whether to outsource the management of their pension arrangements and investments.
The most recent example of this is electronics giant tapping Merrill Lynch in a €12bn outsourcing deal.