The Clearwater team has advised Zürcher Kantonalbank on its sale of the pension fund administration business (BVG management business) of Swisscanto Vorsorge AG (SVAG) to PFS Pension Fund Services AG (PFS), a leading provider in the pension fund management sector.
Zürcher Kantonalbank is reinvesting a 20% stake in PFS alongside Zurich Insurance Group with a stake of 8%. The majority of shares will remain in the hands of the managing partners and employees.
With this transaction, one of the largest providers in the pension fund management sector is created. By merging the BVG management business of SVAG and PFS, economies of scale can be realized and, with around 80 employees, a leading provider in the market is created whose clients include 60 pension funds with over 65,000 beneficiaries and pension assets of CHF 15 billion.
