BT Aegon buys OTP pension fund

Pension fund OTP Fond de Pensii will sell its client portfolio to pension fund BT Aegon Fond de Pensii in the first transaction to be concluded on the mandatory private pensions market (2nd pillar), market sources told ZF. BT Aegon took over OTP’s client portfolio, after BCR Administrare Fond Pensii (BCR Pension Fund Manager) also put in an offer. Sources estimate the price stands at around 3 million euros. OTP’s portfolio includes 20,261 mandatory pension clients (0.5% of the almost 4.2 million), which places OTP twelfth in the company ranking, after the four-month campaign and lottery. The price paid per participant was put at 150 euros. BT Aegon, the buyer, ranks seventh with 131,250 clients and a 3.2% market share. The takeover does not alter the ranking of pension companies – BT Aegon stays at number seven behind AIG Fond de Pensii. The deal between BT Aegon and OTP was finalised last week, however, it does not have a legal form yet, due to the lack of secondary legislation on mergers and acquisitions between pension funds.