PGB to outsource €3.6bn in equity
NETHERLANDS - The €9bn Dutch printers' pension fund (PGB) has announced plans to outsource around 90% (€3.6bn) of its equity portfolio as of 1 January.
The fund said it would select a network of 12 external managers with 16 different mandates in a bid to improve returns.
The fund also awarded a US$600m US enhanced equity mandate to Intech, a subsidiary of Janus Capital Group, which will be benchmarked against the MSCI USA index.
“Hiring Intech reflected our continuing strategy to outsource to regional specialists,” said Dirk Wieman, CIO at PGB.
Intech will aim to outperform the index within the confines of benchmark-like risk, and Erich Gerth, CEO of Janus Capital International added: “The Netherlands now represents our largest single market for institutional business in Europe."
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