First acquisition on private pensions market

Asitrans, the insurance company recently taken over by the Bulgarian group Eurohold, has purchased a mandatory pensions broker, which marks the first acquisition of a private pension company. Company officials were unable to reveal the broker’s name. However according to sources from the market the firm is Time Broker de Pensii Private (Time Private Pensions Broker), a company authorised by the Private Pension Supervision Commission (CSSPP) at the end of August. Originally, the insurer had intended to set up a pension brokerage firm, but in the end opted for an acquisition. The general manager of Asitrans, Bogdan Stan, recently told ZF he was also in negotiations to take over a 34% stake in a pension fund management company, with the transaction to be completed shortly. He did not provide the name of the targeted company. The market of mandatory pensions already accommodates 17 managers and 44 brokers, while the number of market agents authorised by the CSSPP has now exceeded 175,000 and is estimated to reach 250,000 by the end of this year. The majority of marketing agents work for ING Fond de Pensii (41,076), AAV Broker de Pensii Private (30,239), Allianz-Tiriac Pensii Private (21,993), Interamerican Fond de Pensii (12,800) and Brokerpool (11,014).