THE NETHERLANDS - The Dutch central bank and pension supervisor, DNB, has appointed BlackRock as fiduciary manager to its own pension scheme.
The decision was taken to avoid a possible conflict of interest with the bank’s asset management activities.
Harrie Penders, independent chairman of the board, DNB pension fund told Global Pensions: “The main reason we have appointed BlackRock was to have a clear policy on our risk strategies and asset management.”
The €900m DNB pension fund was integrated with that of the PVK, the former pensions regulator in 2004 when the idea of putting both at arms’ length from the bank’s main operations was first mooted.
Penders continued: “The relationship with BlackRock started in September and we are now developing the portfolio construction. We hope to have implemented the new asset management strategies by the end of the year.”
He commented that he estimated more pension funds in the Netherlands would take the fiduciary path.
An in depth study on fiduciary management will feature in the November issue of Global Pensions.
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