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Dutch asset manager PGGM to cut 200 jobs in major reorganisation

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PGGM, the €178bn Dutch asset manager, has announced an extensive reorganisation to increase its “battle-readiness” and drive down the cost of its services.

As part of the revamp, which aims to cut structural costs by €50m over the next three years, at least 200 of its 1,275 full-time employees are to be made redundant, it said.

PGGM said the reorganisation would affect all parts of the organisation and warned that it would not rule out forced redundancies.

Chief executive Else Bos said: “The Dutch pensions market is becoming increasingly dynamic, and PGGM needs the agility to anticipate these developments.”

She said PGGM needed to reduce the costs of its products, as price had become increasingly important to its clients.

She said the reorganisation must also create space for new services, although a spokesman at PGGM declined to elaborate on exactly what these plans might entail.

PGGM is asset manager and pensions provider for seven pension funds, including the €140bn healthcare scheme PFZW and the €8.5bn pension fund for general practitioners (SPH), with more than 2.5m participants in total.

The provider also offers its institutional clients pensions administration and board support.

Two years ago, APG, the €390bn asset manager of the large civil service scheme ABP, announced a similar reorganisation, leading to 800 job losses among its then 4,155 staff, to be spread out over a four-year period.

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