NETHERLANDS - APG and Cordares have signed a merger deal that will create one of the world's largest pension administration firms, with more than €240bn (US$382bn) of assets under management.
Dick Sluimers, chairman, APG group executive board, said: "Our special pension system deserves the most powerful administrator. This new group creates an organisation that bundles years of knowledge and experience in order to offer the best possible pension product."
The deal is structured in a way that APG, the asset management arm of pension fund ABP, will take a 51% controlling stake in Cordares, while Cordares will sell on its insurance concern to Loyalis, APG's subsidiary, in exchange for a 10% stake in Loyalis.
Adri van der Wurff, a member of the board, said the deal would offer the merged group scale and synergy advantages which would be of great benefit to plan members.
The group said it also had ambitions to expand its cross border facilities. APG already provides international pension expertise through Cordares, but said it hoped the move would strengthen the Dutch pension system.
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