NETHERLANDS - Pension and portfolio manager Schootse Poort Pensioen- en Vermogensbeheer is to oversee the administration and investments for the EUR17bn Philips pension fund in The Netherlands.
The Eindhoven-based fund for the electrical manufacturers decided to disentangle the administration and investments last year, previously handled in-house.
Philips has entered into long-term contracts with Schootse Poort - a wholly owned subsidiary of Philips - with no fixed duration.
One of the main reasons for the arrangement is to create a clearer division between policy-making and administrative operations.
Under the new structure the board of trustees will determine the fund's policy, while Schootse Poort will be responsible for the actual pension administration. The board of trustees will be supported in its task by recently appointed managing director, A.J. van den Heuvel who succeeds Dick Snijders.
Snijders will take the reins at Schootse Poort. He will be supported by Messrs Dijkstra (portfolio management), J. Ruben (pension management) and G. van de Luitgaarden (accounting and IT) on the management board.
All the employees of the Philips pension fund have been transferred to Schootse Poort.
Schootse Poort consists of a holding company and three operating companies for pensions, portfolio management and real estate. Overall, the firm handles the pension and portfolio management for 13 clients, with combined assets of EUR16.3bn. By Madhu Kalia
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