THE NETHERLANDS - Heerlen-based pension giant ABP has hired a senior portfolio manager to oversee its fledgling hedge fund investments.
Adriaan Klop joins the EUR150bn fund from CPR Alternative Asset Management, and is forming a small internal team, said a spokesman. Prior to CPR Klop worked at brokerage firm Van Meer James Capel.
Earlier this year, the EUR150bn fund announced that it was to make its first foray into hedge funds. ABP said it is set to appoint an undisclosed external manager “in the next few months”. Initial investments will be made in a hedge fund of funds. ABP plans to build the portfolio to a 2% allocation.
The fund aims to move at least part of the hedge funds operation in-house, although no time frame for this was given for this move.
*At the end of 2000 ABP's asset mix consisted of 53% fixed income, 38% equities, and 9% real estate. The strategic aim is to decrease of fixed income in favour of equities, and increase alternative investments and the portfolio of long-term complex products including structured finance and corporate bonds.
By Madhu Kalia