Swisscanto and PFS Pension Fund Services Agree to Become a Larger Provider

Posted on 04/28/2020


Zürcher Kantonalbank (ZKB or Zurich Cantonal Bank), the largest cantonal bank, agreed to sell its Swisscanto Vorsorge’s second pillar pensions administration business to PFS Pension Fund Services. Zürcher Kantonalbank will also take a 20% ownership stake in PFS Pension Fund Services and be involved with the business. The deal is expected to close in June 2020.

The combined unit will have staff of roughly 80 people and 60 pension provider clients with 15 billion Swiss francs in assets under management.

Swisscanto Holding AG was jointly owned by Switzerland’s 24 cantonal banks until Zürcher Kantonalbank acquired it on December 11, 2014. Zürcher Kantonalbank paid around 360 million Swiss francs for the 82% position, in the end giving the bank 100% ownership. Swisscanto Invest stands for 100% Swiss Made Asset Management.

Formed in 2002 by the Swiss pension fund for SAirGroup, PFS Pension Fund Services is majority owned by employees and partners and has 9 billion in Swiss francs in assets under management. SAirGroup is the holding company for Swissair and affiliated companies.

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