NETHERLANDS - Fons Lute, chief investment officer of Blue Sky Group, the manager of KLM's Dutch pension assets, has left to join PGGM.

A spokeswoman for Blue Sky Group confirmed today Lute had left the firm to join the newly-separated asset manager of the giant Dutch pension scheme PFZW.

The organisation is currently looking for his replacement, she added.

IPE understands Lute will serve as managing director of alternative strategies at PGGM Investments, though officials at the asset manager were not available for comment at the time of publication.

Lute previously served as head of investment strategy research for the Dutch airline fund KLM.

The Amstelveen-based Blue Sky Group currently holds around €12.7bn of pension fund assets under management in a pooled multi-manager structure.

The firm was established in 1999, when KLM's pension department became a separate limited liability company, in a bid to improve the performance of the company's three schemes.

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