NETHERLANDS - Dutch firm Cementbouw is looking at terminating ABN Amro as manager of its EUR45m pension fund.
Cementbouw, the building products firm that was part of NBM Amstelland until March last year, is dissatisfied with ABN Amro due to its poor performance, Piet Van Dijk, the fund’s administrator, said. The fund’s investment committee is due to meet at the end of the quarter to decide what course of action to take, he said.
Additionally, Van Dijk said that the EUR25m Amstelland pension fund has concerns over the performance of Aegon, its sole manager. Van Dijk declined to reveal any more details, but did say that the most likely scenario would be that Aegon will still be retained.
The Hewitt Investment Group acts as the funds’ consultant.
The two funds were, until last year, part of the pension fund of construction firm NBM Amstelland. Cementbouw was acquired by the private equity group CVC Capital Partners for EUR864m.
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