EUROPE - AEGON is working with Citigroup to develop a platform it believes will be the first step in offering multinational companies truly international pensions solutions.
Frans W. van der Horst, managing director of AEGON Pension Network, said it had started looking at providing international solutions a couple of years ago, but in the last year had been working on building infrastructure to move the project forward.
He said: "There is increasing demand to bring pension assets together in Europe, as a pre-cursor to creating pan-European pensions solutions, which for a whole range of reasons is still a little bit difficult.
"What we can do is create a European platform for pension assets and pool those assets across jurisdictions, countries and different client bases.
"We have been working together with Citigroup on developing this platform, which will allow us to pool pension assets for multinational companies in Europe."
Van der Horst said the platform could be used by a multinational company that did not have the resources available or did not want to create an in-house pension platform.
He said: "You could imagine a multinational company in country A is working with a self administered pension plan in country B, the plan is being managed by an insurance firm in an insured contract in country C, and the company is running a defined contribution platform in country D, with a different sort of client base again.
"What we have created with Citigroup is a platform to pool together the assets of those different clients, albeit as part of the same multinational company.
"That is a pretty advanced platform - it has been very complicated to develop - because we have had to make sure we can trace down all the local clients, all their assets and still ensure it is in a fiscally transparent environment."
Van der Horst said the platform, which follows the launch of a web-based application by AEGON, would result in assets being managed in a multi-manager type environment, with best of breed asset managers selected by AEGON Asset Management.
He said: "We feel this is the first step to moving further on from multi-domestic solutions into the space of international pensions solutions."
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