Allianz Group hired Cardano to manage €2 billion ($2.1 billion) for its two Dutch defined contribution plans, Allianz Pensioen and Allianz Premie Pensioen Instelling, Rotterdam.
The hire will simplify the plan's portfolio management, reducing the number of investment managers to one, according to a news release Thursday. Cardano will help the two plans to focus on sustainability objectives while maintaining different risk options available to plan participants.
Details on the previous managers were not immediately available.
"We chose Cardano because of their experience in partnering with other big insurance companies and pension funds, as well as their experience in managing sustainable defined contribution schemes. We look forward to a long-lasting partnership," Kjeld Boerendonk, chairman of the Allianz Premie Pensioen Instelling board said, in the release.
Further details could not immediately be learned.