BELGIUM - The pension fund of Belgium’s telecommunications provider, Belgacom SA, has announced that it will be looking for fund managers in the near future. The nature of the mandate(s) has not yet been decided, but the tender(s) is/are expected in the coming months.
The move comes as the fund prepares to restructure its senior management - changes which will come into force on January 1 2003.
Philip Neyt, chief executive officer of the fund for the last seven years, will become chief public affairs officer for Belgacom SA.
Neyt’s role will be filled by Marc Speeckaert, currently chief financial officer at the fund.
Taking over from Speekaert will be Mark Rigolle. Rigolle is chief strategy and business development officer at Belgacom. His responsibilities will be assumed by Speekaert also.
The changes at senior management level were introduced in September by the President and chief executive officer of Belgacom, John J. Goossens, who sadly died last week.
Says Neyt: “The changes were made to offer new challenges. Job rotation is a very good principle. “
Belgacom pension fund has a capital value of over three billion euros. As of December 31 2001 1.04 billion euros was invested in equity, 1.64 billion euros was invested in fixed income, 470 million euros was invested in Luxembourg-registered investment fund vehicles - SICAVS - and the remainder in short-term investments.