THE NETHERLANDS - The EUR13bn Pensioenfonds Metaalindustrie (PMI) has finalised its allocations following a move from a balanced to specialist approach.
After a review announced earlier this year, PMI decided to reallocate the EUR12.5bn portfolio to a series of specialist mandates. The move resulted in the Dutch scheme for metal industry workers transferring EUR7bn of its assets from PVF Achmea - held on a fully balanced basis - to F&C Management UK to invest in specialist mandates.
F&C’s mandates now include Euroland equity (29.7%); European equity (exl. Euroland) (4.3%); Japanese equity (3.3%); Pacific equity (exl. Japan) (2.3%); emerging markets (3.3%). On the fixed income side, the allocation stands at Euro (14.9%); Europe (exl. EMU) (4.2%); European corporate bonds (7.4%); US corporate bonds (11.7%); convertible securities (4.2%); private loans (7.2%). The firm also holds a real estate portfolio at 7.5% of its asset share.
In May 2001, F&C’s parent company Eureko announced that three asset management companies - F&C, Achmea Global Investors (now F&C Netherlands B.V.) and AF Investimentos - would unite under the F&C brand. In September 2001, F&C also said it would be incorporating Friends First Asset Management into the new structure
Commenting on the move, Roland Van den Brink, managing director of the PMI fund, said: “The shift from a full balanced portfolio to specialist is an important step in our overall strategy.
We chose F&C because we recognised the added value that they bring to the asset mix, and we look forward to working with them.”
Achmea has retained a EUR3.5bn property mandate. About EUR2bn has also been allocated to two US indexed briefs, covering both equities and bonds.
F&C Management now holds over EUR105bn under management, of which EUR75bn is institutional assets.
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