NETHERLANDS - Aviva Investors has been hired to run a €350m ($454m) global unlisted real estate portfolio for the Stichting Pensioenfonds Medisch Specialisten (SPMS).
The €5bn fund, which covers 13,000 workers in the specialist medical industry, last year hired BlackRock as fiduciary manager for its entire portfolio. The Aviva appointment is understood to be the first mandate awarded by BlackRock since the deal became active at the start of this month. (Global Pensions: 7 September 2010).
Aviva Investors will manage SPMS' existing global real estate portfolio, which has 34 unlisted holdings across Europe, America and Asia Pacific. The firm will also develop a suitable real estate strategy for SPMS' portfolio as it completes its wider asset-liability matching and strategic review through 2011. Previously, the real estate portfolio was internally managed.
SPMS director Jeroen Steenvoorden commented: "We look forward to working with Aviva Investors and drawing on the manager's expertise in real estate across the world. It has a large professional indirect multi manager real estate investment team and a strong risk management culture. This means that Aviva Investors is well positioned to meet our longer term investment goals."
Aviva Investors executive director and CEO of global business development Erich Gerth said: "I am delighted that SPMS has chosen Aviva Investors to manage its unlisted real estate portfolio. We already work with some of the Netherland's largest pension funds and our real estate multi manager team operates and invests on a global basis. We believe that we are therefore well positioned to manage SPMS' existing investments around the world and are proud to be working with such a long standing and reputable pension fund in the Dutch market."
In this week's Pensions Buzz, we want to know whether you think a contract-based, trust-based or a master trust arrangement would be best for a new defined contribution scheme.
The £28bn Brunel Pension Partnership has opened a tender for active equity managers to oversee around £1.8bn of the pool's assets.
RPMI Railpen has injected £7m of new equity into full-fibre internet service provider, Community Fibre.
The Pensions Regulator (TPR) is to prosecute Samuel Smith Old Brewery and chairman Humphrey Smith for failing to provide information and documents for an ongoing investigation.