Achmea Investment Management (Achmea IM) and Blue Sky Group (BSG) have reached an agreement on the acquisition of BSG Vermogensbeheer by Achmea IM.

The acquisition will see Achmea take on the fiduciary and asset management services for major pension fund clients, including KLM’s three pension funds. BSG Vermogensbeheer has carried out asset management activities for more than 25 years. A team of around 40 professionals manages approximately €25bn on behalf of its pension fund customers with 55,000 participants.

Achmea IM is acquiring BSG Vermogensbeheer in its entirety, including the team, customers, the assets under management, and the fund platform. The acquisition follows BSG’s announcement in March of its decision to concentrate on pension management.

Commenting, Achmea executive board chair, Bianca Tetteroo, said: “This acquisition further solidifies our retirement services strategy, and strengthens our position in the field of asset management. With the transition to a new pension system ahead of us in the near future, this acquisition comes at a logical time. Many parties in the pension and asset management industry are currently making strategic choices.”

In addition, Achema IM board chair, Maureen Schlejen, said: “We are delighted with this transaction, and look forward to welcoming the pension fund customers and expert professionals at Blue Sky Group Vermogensbeheer on board.

“We are committed to the careful management of the pension funds that are to be transferred, and believe that our scope, extensive expertise and efficient operations put us in a solid position to create considerable value for our new customers. With respect to this, we will be focusing on innovation and the Future Pensions Act (Wtp) transition. The acquisition is a significant step in Achmea IM’s growth strategy.”

As a consequence of this transaction, the total assets that Achmea IM manages will increase by around 10 per cent and will entail a variety of synergy gains upon integration.

Blue Sky Group Vermogensbeheer CEO, Caroline Muste-Merks, said: “We are pleased to see our asset management activities getting a fresh start at Achmea IM. Following a careful and thorough process, it has become clear to us that Achmea IM can provide a safe future for both our employees and pension fund customers and their pension participants.”

The acquisition is subject to supervisory authority approval and the completion of the advisory process with the works councils involved. The transaction is expected to be completed before the end of the year. The impact on Achmea’s results and capital position as a consequence of this transaction will be marginal.

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