NETHERLANDS – In a double blow for Dutch healthcare fund PGGM, two senior executives are defecting to Merchant Bank NIBCapital on 1 January 2006.

Jan van der Vlist, director of structured investments, and Anneke van de Puttelaar, real estate senior portfolio manager, will be responsible for establishing a business unit focused on investment management activities in the real estate and infrastructure sectors at NIBCapital.

“We are very disappointed that they are leaving, but understand that the challenge that awaits them at NIBCapital is a great new step in their careers,” said PGGM executive director Else Bos.

Van der Vlist, 51, started at PGGM in 1983. He was promoted to director of structured investments in 2002, having previously been director of real estate.

PGGM has not yet named a successor to Van der Vlist or Van de Puttelaar.

Leo Lueb replaced Marjolein Sol as PGGM’s director of equities last month, with effect from November 1.

According to the €69bn fund, Sol would take a one-year sabbatical and return to a new post.

This appointment was the first senior investment staff change that the Zeist-based fund had announced since Else Bos took over as director of investments from Roderick Munsters earlier this year.