Verbund Pensionskasse AG, Vienna, with 280 million euros ($250 million) in assets, will merge early next year with the 1 billion euro PAG Pensiönskasse AG multi-employer pension plan, Vienna.
The Verbund plan covers employees of Verbundgesellschaft AG, Vienna, Austrias largest power generator. The firm wants to outsource management of its pension plan and focus on its core business, said Franz Paulus, a board member. The plan will begin a review of its asset allocation and money manager arrangements in the new year to prepare for the merger, he said. He would not give details, but plan assets are managed externally by five European-based money managers.
Complementa Investment Controlling will advise.
Mr. Paulus will remain employed by Verbund, where he is also in charge of risk management.