AZL nabs custody of Netherland's TNO 04 January 2012Holland Reporter: Georgina Lavers
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TNO, a Netherlands organisation for scientific research, has outsourced its pensions administration to ING subsidiary AZL.
The €2.5 billion pension fund had been carrying out its own administration, but cited risk management as one of the key reasons for the switch.
Recently Flexsecurity pensioen, Bedrijfstakpensioenfonds voor de Nederlandse Groothandel (SPNG) and Bedrijfstakpensioenfonds voor de Groothandel in Textielgoederen en Aanverwante Artikelen (Bpf TEX) chose AZL as their administrator, with AZL now being the pensions provider for 64 pension funds.
In 2007, ING announced today the completion of acquisition of AZL, a Dutch provider of pension fund management services.
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