NETHERLANDS - The e4.7bn Stichting Pensioenfonds Akzo Nobel pension fund has announced plans to outsource investment responsibility for the entire fund to financial services group Eureko.
The pension fund of Akzo Nobel, a healthcare, coatings and chemicals company, will complete the transfer to Eureko on 1 September 2006.
Rob Prins, chairman of the board of Akzo Nobel in the Netherlands, remarked that the decision had been motivated by the fact that fund participants were decreasing, while the complexity of the pension and the scale of portfolio management remained substantial.
The transfer to Eureko would guarantee a high and cost effective standard of management going forward, he added, as well as serving the longer term interests of the plan’s employees and retirees.
Reinoud van den Broek, chairman of Eureko’s pensions business, said the transfer would help Eureko re-enforce its position in the market.
The Akzo Nobel pension fund has approximately 51,400 members.
Story by Lisa Haines
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