NETHERLANDS - Olaf Sleijpen, director of strategy and policy at APG, was today promoted to take over as director for institutional clients after the merger between APG and Cordares has been completed.

Alwin Oerlemans currently fills the position at Cordares but APG does not currently serve institutional clients.

A Cordares spokesman told IPE Oerlemans will remain in the group, though will serve as deputy director after the merger.

APG Groep and Cordares said in a joint statement this morning they expect the merger to be completed on September 1.

Sleijpen will then also become a member of the executive board council of Cordares.

"The director of institutional clients is, in the name of the APG Groep, responsible for the contacts with institutional parties, namely pension funds in the Netherlands and abroad," read the statement.

Cordares' Marco Brouwer will replace Sleijpen as the secretary of the executive board council at APG.

APG Investments - the wholly-owned division of ABP created to manage the assets and administration of the pension fund - and Cordares Holding signed an agreement to merge the companies in April.

The merger will see the creation of a giant pension administrator, managing €240bn in pension assets, to serve four million participants of government, education, construction and housing corporation industry pension schemes in the Netherlands.

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email