NETHERLANDS- The Pensioenfonds Horeco & Catering (PH&C), the occupational pension fund for the Dutch hospitality and catering industry, has hired RCM to manage a European small-cap equity mandate, a maiden investment for the fund.
In April, the board diversified the portfolio by approving a 1.5% investment each in European and US small-mid cap equity, said Wouter Jan Nabrn, senior manager in the asset management department.
Nabrn said the pension fund expects to hire a manager to run an equal amount in US small-mid cap equities next month.
In April, PH&C approved an allocation of 39% to global equities, 2% to convertibles, 4% to private equity, 5% to commodities, 33.5% to global bonds, 6.5% to mortgages and 10% in real estate.
PH&C's €2.5bn portfolio is managed by 14 external managers.
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