NETHERLANDS - The sixth largest pension fund in the Netherlands, Philips Pensioenfonds, has hired Aviva Investors as multi-manager to establish and manage a global portfolio of non-listed real estate investments.
The mandate comes just weeks after Aviva Investors was appointed by the €5.5bn pension fund for Dutch medical consultants (SPMS) to manage its existing global portfolio of real estate fund investments.
The Philips mandate is to invest in real estate funds in the Netherlands, the rest of Europe and the US and Asia Pacific.
Aviva Investors said it was chosen due to the strength and depth of its global multi-manager team, its integrated asset management structure, strong risk management culture and overall environmental, social and corporate governance investment credentials.
Erich Gerth, executive director and chief executive of global business development at Aviva Investors, said: "We are delighted that Philips Pensioenfonds has chosen Aviva Investors to manage its unlisted real estate portfolio.
"The Netherlands has a significant share of Europe's pension assets, and we are proud to be working with one of the most professional pension funds in this market."
Aviva Investors' multi-manager department is headed by Nick Mansley, global director of multi-manager.
The global real estate multi manager team compromises 21 investment professionals located in London, New York and Singapore.
It is responsible for managing more than €5bn of indirect assets for a range of institutional clients through both segregated accounts and pooled fund of fund products.