PGGM begins push for fund's clients
NETHERLANDS - PGGM, the asset manager of the giant Dutch health care pension fund PFZW, today announced it is to begin marketing saving products directly to its pension fund's client base.
PGGM is launching an online savings product targeting people in the healthcare sector, and is confirmed as being "the first product which PGGM actively offers to its members".
PGGM will work with Dutch securities bank Kas Bank to deliver the new savings account.
Martin van Rijn, chairman of the executive board at PGGM, said: "There is a clear demand from the healthcare and wellbeing sector for a broad financial service from PGGM."
Earlier this year, PFZW - previously known as PGGM - was taken to court by the Dutch association of insurance companies, Verbond van Verzekeraars, because it claimed using the pension fund brand for its administration operation was unfair to competition.
In July however, it was announced the fund had won its appeal against the association. (See earlier IPE story: Landmark case points funds to insurance arena)
In the ruling, considered to be part of a landmark case, the court decided pension funds turned asset managers can continue to operate under the same name.
This led insurers to call for an urgent reform of the entire insurance market.
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