THE NETHERLANDS - Dutch pension fund for health and social workers, PGGM, will consider later this year whether to outsource EUR250m of assets, currently handled by NIB Capital Asset Management (NIB).
The move follows a decision by pension fund giant ABP to take in NIB’s asset management in a bid to pump up its in-house global fixed-income operation.
A spokeswoman for the EUR51bn PGGM fund said that it was too early to say whether the assets would be externalised or brought in-house, since this largely depended on the timing of ABP’s next move.
NIB oversees approximately EUR25bn of assets for stakeholders ABP and PGGM. The EUR150bn ABP has pulled in NIB’s mandates for structured finance and European credit, worth around EUR24bn, and will also take on board some of NIB’s 65-strong staff.
Both funds will continue to employ NIB to oversee their private equity activities.
Commenting on reports that NIB may look to now sell off the remainder of its fund management arm, a spokesman for the group said that the firm’s direction was still a subject for investigation.
By Madhu Kalia
This week's edition of Professional Pensions is out now.
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