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09-Jun-08 12:15 [Europe, Middle East and Africa]
Aegon looks to European pension funds Investment company Aegon is looking to acquire a ten per cent market share in central and eastern Europe (CEE) by purchasing small pension funds.
The chief executive of Aegon Hungary Insurance told industry publication Global Pensions that while the company has a good presence in that country other neighbouring countries such as Romania offer many opportunities to buy pension funds.
In Hungary it has a 19 per cent market share with 530,000 members in mandatory pension funds.
Péter Zatykó, - dashes on the E and O eon't show up on DNM so delete chief executive of Aegon Hungary Insurance, said: "In Romania, we are looking at those smaller pension funds that didn't make the official threshold of around 50,000 members – they are going to be on sale so we are going there and collecting them."
He added that pension funds with less than 100,000 members are likely to appear market within the next three to four years because of economic pressures.
It was also stated that in five year's time pension fund assets were likely to be worth 30 to 40 per cent of GDP.
In May, the company launched an Income for Life scheme allowing customers to have control of their investment up to the age of 75.
Investment company Aegon is looking to acquire a ten per cent market share in central and eastern Europe (CEE) by purchasing small pension funds.
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