NETHERLANDS - Dutch transport workers scheme Pensioenfonds Vervoer has terminated a €7bn (US$9.3bn) fiduciary management mandate with Goldman Sachs Asset Management (GSAM).
The fund said it was dropping GSAM after four years due to the manager's underperformance.
Vervoer chief investment officer Patrick Groenendijk told GP: "GSAM did not produce any outperformance of the benchmark agreed. On the contrary, they underperformed it over the last couple of years. The Board discussed the results several times and it decided last week to terminate the contract with GSAM."
The pension fund's board has appointed Northern Trust for an interim period to monitor the external investment managers who are responsible for the management of the assets.
Vervoer added it started a selection process for a new service provider supported by KPMG Advisory.
GSAM spokesman Nik Ekholm confirmed the termination of the contract, but declined to comment further.
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