NETHERLANDS - The €1bn pension fund of diary products firm Campina has now put all its assets in a fiduciary mandate with Goldman Sachs Asset Management.
Stichting Pensioenfonds Campina has awarded GSAM an additional €600m on top of the €400m it awarded last year.
The fund's assets were previously managed by Interpolis, Robeco and AZL. Before that ABN Amro and Lombard Odier ran assets.
Advised by the fund's investment consultant Anton van Nunen and based on "quantifiable criteria", ranging from risk budgeting to customer service to long-term policy, evaluating the fiduciary partnership after 12 months, the fund has now decided to expand GSAM's brief.
GSAM managing director Ruud Hendriks said: "We are delighted to have earned Campina's trust in all of these areas."
Asked about concentration risk, fund chief executive said: Henk Vis said: "In the entire mandate there are about 10 managers, and the nice thing of this concept is that the money doesn't go to balanced managers, but rather that you select specialist for the various segments in the market."
GSAM manages some €12bn in fiduciary management for Dutch institutional clients, such as transport fund Vervoer which it won earlier this year.
IPE already reported in July this year about the Dutch fiduciary trend in which institutional investors are increasingly looking for fiduciary management of their assets.