Dutch insurance company a.s.r. has agreed to acquire BNG Vermogensbeheer, an asset manager with a portfolio valued at nearly EUR5bn, from BNG Bank for an undisclosed sum.
The deal is expected to boost a.s.r.’s position in the Dutch market for external asset management, particularly in the (semi) public and pensions sector.
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As part of the acquisition, the entire BNG Vermogensbeheer team of 10 FTEs will move to a.s.r.’s group asset management division.
Subject to regulatory approval, the deal is expected to close in the second quarter of 2016.
a.s.r. CFO Chris Figee said: "We aim to be a major player on the Dutch market for asset management, and warmly welcome the employees of Vermogensbeheer to the a.s.r. family."
a.s.r. chief investment officer Jack Julicher said : "The merger of BNG Vermogensbeheer and a.s.r. will create a strong asset manager for institutional clients with a balanced risk-return ratio and a firm commitment to sustainability."
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