NETHERLANDS – Philip Menco has replaced Arnold Troostwijk as managing director of the €660m Eendragt pension fund.

Menco had previously been principal of the Fortunis Investment Consultancy. Troostwijk will act as an adviser to the fund for the rest of the year before his planned retirement.

Menco said the fund was well-funded, with 135% surplus, and he would be making recommendations for changes later in the year. Although he said it was too early to tell IPE of his plans, at Fortunis he has recommended clients use of a basket of single manager hedge funds rather than a fund of hedge funds because of the charges and hidden risks.

According to International Pension funds and Their Advisors 2003, Eendragt has previously only invested in equities, bonds and properties.