NETHERLANDS - TVM Verzekeringen has appointed ING/AZL to provide fiduciary management services for its entire €450m investment portfolio.
The Dutch transport insurance company said "decisive factors" in the appointment were ING's size and its level of international exposure, which would offer the firm more competitive fees.
TVM began its search for a fiduciary manager for its investment portfolio in the middle of 2007, when it appointed KPMG Advisory to act as consultants for the firm.
Merel Engelbert van Bevervoorde, responsible for asset management for the European insurance portfolio and fiduciary services at ING, said the firm's expertise in strategic advice is very appealing for insurers.
She added: "TVM can also take advantage of the considerable knowledge and expertise available within ING/AZL. After all, investing is a core business for insurance companies and pension funds."
ING/AZL currently has around €17.5bn assets under fiduciary management, following ING's acquisition of AZL, a provider of pension fund management services, in 2007 for €65m. [See earlier IPE.com story: ING to buy AZL for €65m]
Dirk Jan Klein Essink, chief financial officer of TVM Verzekeringen, said: "ING's international exposure and size were the decisive factors. This means the company is well placed to select the best investments and asset managers worldwide. What's more, because of its size ING has considerable purchasing power, which will translate into competitive fees for TVM."
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