The €615m industry-wide scheme for the wheels and tyres sector (Banden en Wielen) has appointed Kempen Capital Management as its new fiduciary asset manager.

Banden en Wielen leaves MN, which has been its fiduciary manager for eight years. According to Ruud Spuijbroek, the scheme’s chairman, the switch was due to a periodical re-orientation and was not triggered by dissatisfaction with the €114bn asset manager. He added that MN had also been on its shortlist for contract renewal. Last year, MN specifically targeted the manufacturing sector as a key client base.

Kempen has been tasked with strategic advice, manager selection, risk management, and monitoring.

Spuijbroek said Kempen had come up with a package containing the best proposals, best team, and most attractive price of the options considered. He indicated that Kempen’s relatively small size, with more direct contacts and a “proactive approach”, also played a role in the pension fund’s decision.

Banden and Wielen outsourced its pensions administration to AZL in 2015, after it left Syntrus Achmea following dissatisfaction with its services. The Dutch scheme for grocers made a similar decision earlier this month.

The pension fund has 18,000 participants in total. Its preliminary funding stood at 95.2% at December-end. Spuijbroek said this coverage level doesn’t require rights cuts this year.