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GERMAN INSURER SETS UP ASSET MANAGER IN ARMENIA PRIOR TO REFORM
12 minutes ago
EUROPE - Germany-based Talanx Asset Management and Austria's C-Quadrat
are creating a joint venture to manage pension assets in Armenia.
The former Soviet Republic, with 3.2m inhabitants and bordering
Turkey and Iran, is set to implement a pensions reform starting in
January 2014.
The reform will introduce a mandatory, second-pillar, defined
contribution pension scheme, as well as promote third-pillar savings.
Austrian C-Quadrat, in which the Talanx group holds a share via its
fund business Ampega Gerling, has signed a memorandum of understanding
with the Armenian Central Bank on the management of the pension assets.
The same agreement was signed with another "well-known asset manager",
which was not named.
The Armenian Central Bank expects pension assets to grow to ~@2bn
by 2020, given the mandatory contribution by the employees via their
employers, which is topped up by the state.
Every employee born after 1973 will see 5% of his monthly salary
transferred to a state pension fund, while every self-employed worker
will contribute the same amount.
The state will then add the same amount capped at AMD25,000 (~@46)
in a country where the average monthly income stood at AMD139,000
in February.
C-Quadrat and Talanx Asset Management will create an Armenian asset
management subsidiary for managing the pension funds in which C-Quadrat
will hold a 74.9% stake.
Author: Barbara Ottawa
http://www.ipe.com/news/german-insurer-sets-up-asset-manager-in-armenia-prior-to-reform_58203.php#.UlKsOxBIX9U
12 minutes ago
EUROPE - Germany-based Talanx Asset Management and Austria's C-Quadrat
are creating a joint venture to manage pension assets in Armenia.
The former Soviet Republic, with 3.2m inhabitants and bordering
Turkey and Iran, is set to implement a pensions reform starting in
January 2014.
The reform will introduce a mandatory, second-pillar, defined
contribution pension scheme, as well as promote third-pillar savings.
Austrian C-Quadrat, in which the Talanx group holds a share via its
fund business Ampega Gerling, has signed a memorandum of understanding
with the Armenian Central Bank on the management of the pension assets.
The same agreement was signed with another "well-known asset manager",
which was not named.
The Armenian Central Bank expects pension assets to grow to ~@2bn
by 2020, given the mandatory contribution by the employees via their
employers, which is topped up by the state.
Every employee born after 1973 will see 5% of his monthly salary
transferred to a state pension fund, while every self-employed worker
will contribute the same amount.
The state will then add the same amount capped at AMD25,000 (~@46)
in a country where the average monthly income stood at AMD139,000
in February.
C-Quadrat and Talanx Asset Management will create an Armenian asset
management subsidiary for managing the pension funds in which C-Quadrat
will hold a 74.9% stake.
Author: Barbara Ottawa
http://www.ipe.com/news/german-insurer-sets-up-asset-manager-in-armenia-prior-to-reform_58203.php#.UlKsOxBIX9U