Germany’s largest pension fund Bayerische Versorgungskammer (BVK), with assets under management worth €107.3 billion, is transferring its medium-term assets worth €75 billion to a new management company created by Universal Investment.
The new asset management company, dubbed UI BVK KVG, will pool a total of €150 billion through fund-of-funds and target funds invested by fund-of-funds.
Assets will increase by 50% in the next few years, it has been announced, thanks to the reallocation of direct holdings in the portfolio towards alternative investment funds, while Spezialfonds for securities will be transferred to the new management company. ‘assets.
BVK plans to transfer most of the assets to the new management company in the next few years, he said.
UI BVK KVG was created to support and further develop the strategic asset allocation of BVK and its 12 pension plans, the pension fund said in a statement.
External wealth managers will continue to manage BVK funds. The new asset management company will take over the services of BVK, going beyond the classic KVG master business, he said.
Stefan Rockel, Managing Director of Universal Investment, and Mathias Wilhelm, Executive Director and Member of the Management, will take over the management of UI BVK KVG.
The supervisory board of the new asset management company will include André Heimrich, member of the management board responsible for asset management at BVK, Katja Müller and Michael Reinhard as Chief Customer Officer and Chief Executive Officer, respectively, on the side UniversalInvestment.
Michael Reinhard, CEO of Universal Investment, said: “With UI BVK KVG, we are taking our long-standing partnership with the Bayerische Versorgungskammer to a new level. We are delighted that BVK continues to place its trust in us and rely on our highly specialized know-how.
Daniel Just, CEO of BVK, added: “In the future, our assets will be managed by a specialized entity of our partner Universal Investment. Our plan is to continue to grow together.
The new asset management company extends BVK’s partnership with Universal Investment which spanned a period of 20 years, with the latter managing assets through a master fund or alternative investments in a master KVG, separating operations from administration and asset management provided by external asset managers. .
The UI BVK KVG is still subject to the approval of the financial supervisory authority BaFin.