NETHERLANDS - Blue Sky Group real estate fund manager Raymond Satumalaij is to join fund manager Bouwfonds in May.

In this new role - both for Satumalaij and for Bouwfonds - Satumalaij will be responsible for structuring and managing institutional funds.

Specifically, he will manage new funds to be announced in the second half of 2007.

"We know what the products are but they're staying in our kitchen for the time being," said Bouwfonds spokeswoman Caroline van Ijken.

She added the appointment reflected rapid growth of the fund management firm, which Rabobank acquired from ABN Amro for €845m last year. The firm will make further senior appointments within six months.

"It's a booming business," she said.

No-one at Blue Sky, which manages three pension funds for Dutch airline KLM, was immediately available for comment.


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