NETHERLANDS - APG, the asset management arm of Dutch civil service pension fund ABP, has dismissed two investment professionals for violating the company's code of conduct.
Spokesman Thijs Steger said the two employees "failed to make sufficient distinction between business and personal transactions".
He added officials at APG found out the two employees were carrying out parallel personal investments in shares in which APG also invests. This is not allowed by the firm's code of conduct.
"APG took the ultimate step that an employer can take by immediately dismissing them," he also said.
APG has also informed market supervisors De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM), which might launch an investigation on the two people.
AFM spokeswoman Imre De Roo declined to comment on the specific case, but said that when the AFM receives a "serious signal" investment firms' traders make personal investments in the same stocks in which they their employers invest, it "would look at the matter very closely".
The DNB declined to comment.
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