NETHERLANDS - Cordares and MN Services, two of the biggest Dutch pension providers, who recently tied up to target the small and medium sized pension fund sector, may expand their offering to larger companies.
An MN Services spokesperson said while the venture would initially target smaller funds, the companies may consider expanding their services to larger companies in future.
Spokespeople from both companies were quick to stress this initiative was not a merger, but the marketing of a concept. However, neither ruled out the possibility of further cooperation between the two companies.
The €55bn combination will offer asset management, administration, governance support, actuarial and legal services to small and medium pension funds.
Cordares CEO Joep Schouten said he expected companies to outsource the administration of their pension funds more readily due to the increasingly complicated legislation.
“The concept we are offering is a good middle ground between a strict government-run fund and one administered by an insurance company,” he said.
“We are offering pension funds a synergy of our knowledge combined with our wealth of experience,” said the MN Services spokesperson. He added that the research done by the company highlighted the need for such a vehicle.
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