NETHERLANDS - Kunst & Cultuur, the life insurer managing the €400m assets of the five Dutch art and cultural pension funds, has tapped Schroders for an €82m equity mandate.
Robin Riemens, director of Kunst & Cultuur, told IPE today he is not concerned by Schroders' institutional outflows of late: "We have gone through a fantastic selection process."
Kunst & Cultuur the first Dutch fund to invest in Schroders' Global Active Value fund.
The fund selected Schroders from a shortlist of three asset managers in total with Hewitt acting as consultant, and has seen Schroders create a bespoke euro-hedged fund for Kunst & Cultuur.
"It is a wonderful product, with a proven track record; they offered exactly what we were looking for," said Riemens today.
The fund, which already awarded Aberdeen Asset management with a €280m fixed income mandate in January, usually adopts a risk averse policy, but has now decided to generate extra returns with more risk.
"The interest rate risk is completely covered, we have already entirely implemented the [new assessment framework] FTK, hence we can gain extra returns by adding risk," said Riemens.
Kunst & Cultuur is not looking to tender any more mandates in the near future, Riemens said.
The firm manages the theatre, dance, arts and culture, and the corporate pension fund for self employed artists (AENA).