GERMANY - BHF-Bank, a subsidiary of ING, has teamed up with financial services companies BHW and BGAG to establish a joint venture in Germany's individual and group pension scheme market. Operating under the name BHW Invest FT GmbH, the joint venture will draw on the fund management, account management and IT expertise of Frankfurt-Trust, the asset management arm of BHF-Bank. BGAG will lend its experience in the area of group pension schemes.
The collaboration between BHW and Frankfurt-Trust will be continued within the new joint venture. BGAG and BHW will each take an indirect 10% participation in Frankfurt-Trust.
The combination of BHF-Bank, BHW and BGAG will create a powerful force in the newly defined German pension market,” said ING chairman Ewald Kist.
“Each party brings its own unique skills which together will enable the intended joint venture to quickly establish itself as a trusted asset manager of individual and group pensions.”
By Janet Du Chenne
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