Merrill Lynch Investment Managers, (MLIM) has completed the acquisition of PPCC bv and PIM bv, the internal investment management units of Royal Philips Electronics.
The acquisitions were made as part of MLIM's strategic partnership with the Philips Pension Fund (PPF). The transaction includes a seven year contract to manage USD 16 billion on behalf of the Philips Pension Fund in the Netherlands.
Maarten Slendebroek, Head of Sales for CEMEA at Merrill Lynch Investment Managers, said: "The Netherlands is the second biggest pension market in Europe after the UK. This acquisition will make Merrill Lynch Investment Managers the largest non-domestic active manager in the country and will also give potential Dutch clients a true alternative to local managers."
PPCC bv and PIM bv are now operating under the MLIM name and will continue to be based in Eindhoven, the Netherlands.
"This transaction gives us a number of strategic benefits including accelerated growth in the Netherlands, a leadership position to conduct similar deals across Europe and further enhances our credibility in the growing area of liability-driven investing," said Andrew Dyson, Head of Institutional Business at Merrill Lynch Investment Managers.
Merrill Lynch is one of the world's leading financial management and advisory companies. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. Firmwide, assets under management total USD 478 billion as of 30 June 2005.