NETHERLANDS - The e10bn Artsenpensioensfondsen, the Dutch pension fund for doctors and medical specialists, has appointed Axa Rosenberg to manage a e120m European small cap equities mandate.
The fund has now initiated a search for a e100m US credit manager.
Following an asset-liability management study conducted last year, the fund decided to diversify and allot a great proportion of its assets to external managers.
The fund plans to allocate around 10% of its equity portfolio to Europe and US small and mid-cap equities and Japanese large-cap equities.
Exposure to property will also be increased to 10% from current levels of 3% and investments will be made through exchange-traded as well as off-exchange funds. The new property portfolio is expected to have a global focus.
Fund officials said that after the search for the US credit manager is completed, the fund would look to hire other external managers for US and Japanese equities and the property managers.
Asset allocation of the fund stands at 40% equities, 57% bonds and 3% property. Bonds are likely to be reduced to 45% following the changes.
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