MN cuts management team as part of four-year restructuring
MN, the €110bn Dutch asset manager and pensions provider, is preparing to reduce its management team from eight members to four to cut costs and improve co-operation.
New chief executive René van de Kieft is to lead a team consisting of Henri den Boer, head of pensions operations and insurance, Gerald Cartigny, head of asset management, and a head of finance, risk and IT, who has yet to be appointed.
Paul Versteeg, director of investments, and Walter Mutsaers, head of client relations, are to leave the company.
Van de Kieft will take on Mutsaers’s responsibilities, while Versteeg’s will be transferred to Cartigny.
Kor Boscher, the current CFO, and Femke de Jong, director of information, will join the director of finance, risk and information’s team.
The management shake-up is another step in MN’s ongoing efforts, announced last year, to streamline the company.
At the time of the initial announcement in December 2014, MN said the four-year reorganisation was likely to come at the expense of approximately 200 jobs.
MN is the provider for PMT and PME, the pension funds for the Dutch metal industry, and Koopvaardij, the pension fund for the merchant navy, which are also shareholders in the company.
It is responsible for the pensions of approximately 2m participants affiliated with more than 36,000 companies.
Last April, MN offloaded its fiduciary business in the UK to Kempen Capital Management, seven years after launching the subsidiary.