Zürcher Kantonalbank sells BVG administration business of Swisscanto Vorsorge
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Zürcher Kantonalbank sells BVG administration business of Swisscanto Vorsorge 29 April 2020Zurich Reporter: Becky Bellamy
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Zürcher Kantonalbank has sold the BVG administration business of Swisscanto Vorsorge AG (SVAG) to PFS Pension Fund Services AG. The sale is expected to close at the end of June.
At the same time, Zürcher Kantonalbank holds a 20 percent stake in PFS and will remain closely connected to the business.
SVAG’s custody account administration and administration of insurance policies will not be part of the transaction, these will remain in the Zürcher Kantonalbank group.
In addition, the Swisscanto pension fund study remains in Swisscanto, which underlines the continued high commitment of the Zürcher Kantonalbank and Swisscanto for the entire pension area.
As part of the transaction, 35 employees of SVAG's BVG administration business will be taken over by PFS.
Additionally, Reto Siegrist, managing director of SVAG, will join the management of PFS.
Commenting on the transaction, Heinz Kunz, chairman of the board of directors of SVAG, said: "The BVG administration business is undergoing major changes in a consolidating market. The size and thus economies of scale will play a central role for future, even more attractive digital administration solutions PFS has found a strong and future-proof partner for the BVG administration business of SVAG.”
Kunz explained: “The occupational pension activities continue to be one of the strategic priorities of the group. The fact that we also believe in the growth prospects in the administration business is due to the well-known participation of the Zürcher Kantonalbank underlined at the PFS.”
Urs Ackermann, CEO of PFS, added: "SVAG's BVG administration business and our portfolio complement each other perfectly. While PFS brings in a modern IT architecture and has a strong foothold in the management of autonomous pension funds, SVAG is good in the area of ??collective foundations.”
The parties have agreed not to disclose the financial details of the transaction.
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