THE NETHERLANDS - Six Dutch pension funds which merged their operations may be looking to change their investment management structure over the coming months.
As reported on IPN last year, the mid-sized Dutch corporate funds were looking to forge an alliance and pool their asset management, custodian, administration and IT operations as part of a cost-cutting exercise. The funds have a total of 60,000 members and combined assets of EUR4.3bn.
The funds - Stichting Pensioenfonds TNO; Stichting Bedrijfspensioenfonds voor Het Baggerbedrijf; Stichting Pensioenfunds HBG; Stichting Pensioenfunds Volker Stevin; Stichting Pensioenfunds Productschappen, and Pensioenfunds Peek& Cloppenburg - are now located on one premise in Rijswijk.
Head of asset management of Schroders’ pension group, Cornelis de Krijger, is overseeing the in-house investment management of all six funds.
Currently, the funds have seven external fund managers handling 15 mandates. But this arrangement may change with one external manager being hired for each asset class, meaning the possibility of further appointments.
The alliance is also considering a sole custodian. This move is being being advised by Watson Wyatt.
By Madhu Kalia
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