Dutch investment management firm Robeco Group has outsourced its fund administration to Fastnet, Netherlands.
Robeco, which has approximately EUR109.7bn assets under management, previously managed the function in-house.
According to a spokesman for the Rotterdam-based firm, Robeco is in the process of transferring the administration to Fastnet and the move was undertaken to “obtain greater flexibility”.
The deal affects the positions of 160 employees at the Rotterdam-based firm. However, the spokesman added that all employees have been offered a contract for Fastnet in a “one-to-one” deal.
“The intention is to give all of the employees the exact same deal as they have here”, he added.
The process is expected to be completed during the first quarter of 2002.
By Madhu Kalia
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