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Carlo Svaluto Moreolo about the fund’s ALM approach
Bayer, one of the largest and oldest pharmaceutical companies in the world, also happens to be the sponsor of one of the oldest corporate pension funds in Germany, and therefore probably the world. The Bayer-Pensionskasse was founded in 1897, just over three decades after the company opened for business as a dyestuffs company. At the time, Bayer’s scientists were working on what would become the company’s trademark product, aspirin. The drug is widely used to this day to treat a huge variety of diseases, including COVID-19.
The Bayer-Pensionskasse, which had about €9bn of assets, in terms of book value, as of the end of 2020, is the largest among the pension plans sponsored by Bayer and one of the largest occupational pension funds in Germany. But Bayer, owing to its multinational presence, sponsors several other plans around the world. In total, the assets of all Bayer-related pension schemes amounted to €25bn, accor