NETHERLANDS - Mark Burbach, head of asset management at the €2bn pension fund of the applied scientific research institute TNO, will leave the fund at the end of January to join Blue Sky Group.

He will replace former chief investment officer Fons Lute, who left the manager of KLM's Dutch pension assets in September to join PGGM. (See earlier IPE story: Blue Sky Group seeks CIO)

TNO has not yet announced who will replace Burbach in his function at the fund.

Blue Sky Group is a pension provider and asset manager, which manages around €10bn, most of which is for the six KLM Royal Dutch Airlines' pension funds.

Blue Sky Group also works for other pension schemes such as the funds of BP Netherlands, Corprate Express and Lucent Technologies.

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