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Aegon Poland set to acquire Nordea’s second-pillar pension fund

first_imgThe number of Polish second-pillar pension funds (OFEs) is set to shrink to 11 following yesterday’s announcement that Aegon Poland had signed an agreement to take over Nordea’s pension fund, pending approval from the Polish Financial Supervision Authority (KNF).The Nordea OFE currently ranks seventh in terms of assets and eighth by membership.As of the end of May, according to KNF data, it had net assets of PLN6.5bn (€1.5bn), a market share of 4.7% and a membership of 986,257 (6.0%).While Aegon is currently in tenth place, with an asset share of 4.2% and a membership share of 5.6%, the takeover will push it into fourth place, behind Nationale-Nederlanden, Aviva and PZU. Claus Stoltenborg, chairman of the board at Nordea PTE (pension fund management company), told IPE the sale would complete Nordea Group’s strategy, initiated two years earlier, of withdrawing from customer-focused business in Poland.In 2013, Nordea divested its Polish banking, finance and life insurance businesses to PKO Bank Polski, the country’s largest bank“In addition to this,” Stoltenborg said, “after the nationalisation of the 51.5% of the assets of the OFEs and the implementation of the zipper [slider] mechanism, where gradually assets are transferred to the state for the older part of the portfolio, it makes sense to consolidate and create larger units with critical mass to be able to service the customers well also in the years to come.”Michał Biedzki, chairman of Aegon PTE’s supervisory board, said on Aegon’s website that the transaction would improve the quality of customer services and strengthen its market position.“This latest transaction clearly supports Aegon’s ongoing strategy in key areas,” he said.“In addition to divesting remaining non-core operations over recent years, it is Aegon’s ambition to further grow distribution and scale in core activities, including pension administration and asset management.”According to Stoltenborg, the transaction, pending KNF approval, should be completed towards the end of the year.This is the first sectoral consolidation since 2013, when PKO BP Bankowy took over Polsat’s pension fund, while the Warta fund was bought by Allianz.It has nevertheless raised eyebrows given the uncertainties overhanging the second pillar, including the outcome of the current transfer window, which lasts until the end of July, and which, as of last week, had only seen some 55,760 applications.Following this, the sector is set for its three-year statutory review that must be completed by the end of 2016.last_img read more

Derry City confirm Maginn Park move for ‘initial games’ in 2017

first_imgDERRY CITY have confirmed that they will start 2017 by playing their home games at Maginn Park in Buncrana.With Brandywell Stadium closed while development works are being carried out, Derry have been on the look-out for an alternative home.In a statement released this evening, Derry City have announced that what they call ‘the initial home games’ of next season will be staged at Maginn Park, the home ground of the Inishowen Football League. The Lone Moor Road outfit are considering what is says are ‘other options’ for late in the campaign but, for now, Maginn Park will host the Candystripes.Derry City are set to lay on transport to and from Buncrana for supporters.Derry are to install seats in the stand at Maginn Park, which would then stay permanently at the venue.Other works that had been earmarked as essential last year – during exploratory talks between the relevant parties – included extra lighting in the main stand, the erection of emergency lighting at exits, toilets and in the stand, the provision of portable toilets and the segregation of away supporters. It is likely that Maginn’s capacity would have to be capped, something that Derry have acknowledged.The Derry City statement reads: “Derry City have let it be known that the initial home games of next season will be played in Maginn Park, Buncrana.“They are continuing to explore other options for later in the season but, failing any positive outcomes to those explorations, Maginn Park will facilitate the rest of the games.“The only difficulty presented by the Buncrana venue is one of capacity. For the greater number of matches, the club believes that the capacity will meet the demand but they realise that in some matches, capacity will be limited.“The club are said to be very pleased and grateful to the management of Maginn for the welcome and the flexibility they have shown to Derry City. “The club is also exploring ways of providing public transport to and from Buncrana for supporters who don’t drive or who prefer to go to matches with groups of friends.“The club have also made it known that season tickets will go on sale next week.”Derry City confirm Maginn Park move for ‘initial games’ in 2017 was last modified: December 8th, 2016 by Chris McNultyShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:buncranaderry cityMaginn Parklast_img read more

No. 42 Men’s Tennis Travels To No. 23 Oregon

first_imgThe Bulldogs (6-3) are coming off a tough 5-2 setback at Wisconsin on Feb. 16. The team is led by Vinny Gillespie, who is ranked 55th in singles. He holds a perfect 7-0 singles record as the squad’s top singles player. BYU (7-5) split matches last week, falling 4-3 to New Mexico and topping San Francisco 4-2. The Cougars are led by Jacob Sullivan and Matthew Pearce, who have an 8-1 and 8-3 record, respectively. DES MOINES, Iowa – The 42nd-ranked Drake University men’s tennis team travels to Eugene, Ore. to square off against BYU in a neutral site match on Saturday before taking on No. 23 Oregon on Sunday. Oregon (8-2) was riding a five-match winning streak before falling to Minnesota 5-2 in Minneapolis on Sunday. No. 36 Thomas Laurent has won 13 consecutive singles matches and is 13-0 in his career at the No. 1 position. The Ducks also boasts three nationally-ranked doubles teams: No. 33 Laurent and Clissold, No. 47 Jayson Amos and Simon Stevens and No. 51 Amos and Armando Soemarno. Following the Bulldogs’ trip to the West Coast, they head to Minneapolis on March 4 to take on Washington and Minnesota. Print Friendly Versionlast_img read more