ABN AMRO MeesPierson and Triodos Bank have announced plans to terminate the Triodos MeesPierson (TMP) joint venture. Both parties have agreed to end the joint venture effective 1 January 2018, subject to approval by the supervisory authorities, and carry on TMP’s operations within their own organisations. Formed in 2005, the joint venture was intended exclusively as a vehicle for providing sustainable asset management to clients of ABN AMRO MeesPierson and Triodos.
Managing Director Jos ter Avest of ABN AMRO MeesPierson explains, ‘As with most such vehicles, this joint venture was never intended to last forever. We formed the partnership at a time when sustainable investments were still uncommon and needed to be nurtured carefully. The added value that the partnership between ABN AMRO and Triodos Bank offered lay in the opportunity to join forces and draw on each other’s experience, expertise and resources to boost the growth of sustainable investment.’
Director Albert van Zadelhoff of Triodos Private Banking adds, ‘The joint venture has achieved its goal: our track record in recent years shows the value and success of sustainable investments for our private banking clients. The separate organisations have now agreed to take this experience with sustainable investment and continue to develop it within their respective organisations.’
The coming period will be used to transfer the people and operations to the respective banks and wind up the joint venture. The priority will be to ensure that during the process clients continue to experience the standard of sustainable asset management and customer service to which they have become accustomed. Clients will still deal with the same points of contact at their own banks. TMP’s employees will transfer to ABN AMRO and Triodos Bank, as appropriate.
TMP puts together the sustainable investment portfolios of ABN AMRO and Triodos. ABN AMRO and Triodos each have their own clients and their own sustainability policies. TMP does not have any clients of its own.
ABN AMRO MeesPierson and Triodos each hold equal shares in TMP. At 31 December 2016 the joint venture handled assets representing EUR 4.3 billion in value, of which EUR 3.6 billion belonged to ABN AMRO clients and EUR 702 million was invested by Triodos clients.