12/6/2009
By Sophie Baker
The first multi-client cross-border asset pooling platform has been launched by AEGON and Citi, developed with TKP investments, with total assets invested of more than €9bn.
The asset pooling platform uses tax transparent investment funds under a European passport (UCITS) to enable AEGON Global Pensions' multinational clients to consolidate the management, investment and reporting of their pension assets. This, AEGON says, will reduce both risk and costs.
The landmark launch is a step towards pan-European pension funds, and has been launched with both pension funds and insured funds from the Netherlands and the UK. The UCITS compliant funds, the AEGON Global Multi Manager Funds, consist of both equity and fixed income funds, and the platform is to be further expanded over Europe throughout 2009 with the launch of further UCITS funds.
Roelie van Wijk, CEO of TKP Investments, commented: "With the launch of this platform we are able to provide international clients with the benefits of the expertise and experience that we have already built up with the Dutch pooling vehicle, the Fonds voor Gemene Rekening (FGR). This platform makes it possible for TKP to realise our European growth strategy outside the Netherlands."
Director of AEGON Global Pensions, Frans van der Horst, added: "Until today, only a few large multinationals have been able to profit from asset pooling, as setting up a pooling platform has been too time-consuming and expensive. With the launch of the first multi-client asset pooling platform, small and medium-sized multinational companies can now also benefit from cost savings, improved governance and better risk control."
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