NETHERLANDS/SWITZERLAND - Dutch and Swiss schemes have shown renewed interest in commodities, MandateWire reported.
The €320m (US$457.7m) Stichting Pensioenfonds Aon Groep Nederland has chopped 4% from its allocation to fixed income to make room for a first foray into commodities as it looks to diversify its investments, pension fund manager Fred Dozy said.
Following its latest ALM study, the fund decided to lower its allocation to fixed income from 65% to 61% of assets, in favour of a maiden commodities investment, "to add diversification to the portfolio," Mr Dozy said.
Separately, The CHF150m (US$140.5m) Pensionskasse Phonak shifted 5% from its hedge fund allocation to commodities in the second quarter of this year; commodities now stand at 10% of assets. The fund cited the good prospects of the category as a reason for the move.
Investment manager Markus Rüdisüli said the shift away from hedge funds was not driven by the scheme's indirect exposure to Madoff, but by the upsides of commodities: "It hasn't been one of our worst moves; we just felt commodities were attractive," he said.
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