RESAVER taps BlackRock for cross-border DC plan

Retirement Savings Vehicle for European Research Institutions, Brussels, a cross-border defined contribution plan for researchers hired BlackRock (BLK) Investment Management to provide investment management services, according to a notice on European procurement website Tenders Electronic Daily.

RESAVER separately hired Previnet to provide DC administration services and an investment platform.

The DC plan, which launched in February, is expected to have €100 million ($111.7 million) to €150 million in assets after five years and €500 million to €1 billion after 10 years.

RESAVER was set up in 2014 in Belgium, following the adoption of directive on Institutions for Occupational Retirement Provision II to allow researchers to accumulate retirement benefits as they move between organizations and countries in the European Union.

A spokesman was not available to provide further details of the hire.