NETHERLANDS - Dutch Telecoms firm KPN has delayed the hiring of managers to run new market neutral portfolios for its staff retirement plan.
Jan Willem Baan, the EUR5bn fund’s chief investment office said that manager appointments will not be made until the end of the first quarter. The fund is looking for two managers to run a EUR30m European market neutral brief and a US market neutral portfolio. Baan declined to reveal any further details.
According to International Pension Funds and their Advisors, the fund currently allocates 56% of its assets to equities, 38% to fixed income, and 6% to real estate.
By Geoffrey Ho
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