NETHERLANDS - In a shift from pure asset management into scheme solution provision, Fidelity International has entered the fiduciary and LDI market in Holland, with an eye to expanding the services internationally.
The manager’s fledgling Dutch operation has been in the vanguard of firms developing an LDI product and now a full fiduciary management offering.
Theo van der Meer, business director for Fidelity International in the Netherlands, said the concepts put together by the Dutch team were now being offered in Germany and Sweden, with a view to rolling them out across the rest of Europe.
Van der Meer told Global Pensions: “We are putting a lot of effort into additional product development. We are trying to grow from a product driven organisation to a more solution driven organisation.”
The strategy appears to have paid instant dividends, with the manager having already secured a mandate with one undisclosed Dutch pension fund. “This was the first such mandate for the whole organisation,” said Van der Meer.
He added: “As far as liability management is concerned, the focus is on tailored solutions for the mid-sized and larger funds.”
Meanwhile, Fortis Investments has revealed it also aims to market its Dutch fiduciary offering across Europe and specifically in the UK.
Christiaan Tromp, the new head of fiduciary management at Fortis Investments, said: “Pension funds in the UK face huge problems and some will come to the conclusion that fiduciary management is a cheaper and easier way of dealing with their liabilities.”
He added: “A good fiduciary manager can not only help with manager selection but can utilise in-house skills to solve problems with the accounting too.”
He admitted that bringing the concept to the UK would be tough, but claimed Fortis had “the know how”.
“If you take a look at fiduciary, it boils down to the logical extension of activities that we have been doing for the last few years. It follows on from our multi-manger and LDI products.”
Robeco also announced recently, in its end of year results, that it planned to enter the fiduciary space (see related news story).
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