a.s.r. Asset Management acquires First Investments
a.s.r. and Henk Beets, CEO and owner of First Investments, have agreed that a.s.r. Asset Management will acquire First Investments. No details will be published about the purchase price.
First Investments is an independent Dutch-based asset manager specializing in innovative investment solutions for the pension sector. First Investments offers state-of-the-art asset management services to a number of pension funds. Its assets under management, which total well over € 550 million, have been invested in customized solutions for balance sheet management (matching and return). The interest rate risk is matched through Dutch umbrella fund First Liability Matching N.V. All members of the First Investments team will join a.s.r. Asset Management.
Jack Julicher, Chief Investment Officer at a.s.r.: ‘The acquisition of First Investments will help us strengthen our position as an asset manager for institutional clients. First Investments has a solid track record. Over the past few years, it has managed to protect the asset-liability coverage ratio of its pension fund clients in a volatile market. They can rest assured that the professionalism and customized services they are used to will be continued under the a.s.r. label.’
Henk Beets, CEO of First Investments: ‘Since it was established in 2006, First Investments has built up a reputation as a specialist asset manager in the pension fund market. In view of the consolidation drive we have seen in the sector over the past few years, we had to ask ourselves whether it was expedient for us to continue as an independent specialist player. In a.s.r., we have found a reliable partner that values a personal approach and that will allow us to keep working towards achieving our growth ambitions. Our clients can count on us to continue to provide our customized services at competitive fees now that we have joined one of the most robust financial institutions in the Netherlands. Offering pension scheme members good benefits remains our priority.’
The transaction is subject to the consent of the Netherlands Authority for the Financial Markets (AFM). Closing is expected by the end of 2017.