NETHERLANDS/BELGIUM - Multi-manager firm Frank Russell has bagged a E175m equity/bond mandate from the pension fund for Dutch textiles company, Gamma Holding.
In addition, two Belgian investors, including the King Baudouin Foundation and one undisclosed institution, have placed a total of E50m with Russell.
Chairman of the investment committee of the E340m Stichting Pensioenfonds Gamma, Willem van der Willigen, said: The continuous monitoring and control of asset managers is an essential responsibility of pension funds.
Through our investments in Russell's multi-manager funds, we have delegated this task to Russell. Our own capacity and resources are too limited for this. By delegating these operational activities to Russell, the pension fund can spend more time on strategic investment and pension issues.
Corporate pension funds in the Netherlands have come under pressure recently following tough new guidelines from the Dutch regulator, the PVK. Funds must bulk up funding levels to a minimum 105% over the next twelve months leaving smaller pension funds, in particular, looking to outsource many operational activities.
Russell already manages assets for some 25 pension funds in the Netherlands since introducing its multi-manager funds to European investors in 1994.
These latest wins brings its European assets to over E15bn.
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
The Pensions Regulator (TPR) is "working closely" with government contractor Interserve and the trustees of its defined benefit (DB) pension schemes, it has confirmed.
The industry has welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) consolidation as a way to address scheme covenant issues.
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".