Dutch construction fund splits into three schemes

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NETHERLANDS – The NLG500m pension fund for construction related group, NBM Amstelland, is to divide into three different schemes after the company was split up, in a move that has put a number of investment management and administration mandates up for grabs in the Dutch market.

The fund, which represented around two and a half thousand active members, will transfer most assets and members - around 75% of assets and employees, to a new construction firm created out of the deal, BAM-NBM.

The remaining members will be joining the fund of now separate real estate firm, Amstelland, and Cementbouw, the fund representing the training divisions of NBM Amstelland, which has been taken over by CVC Capital Partners.

Piet van Dijk, administrator at Cementbouw, says it was impossible to keep the funds together: “They are all part of different companies now.”

On the investment management side, he comments:
“I think Amstelland are on the market looking for an investment partner and administrators.
“BAM-NBM is also busy on the market but it seems they will reappoint Aegon, who manage the pension assets already.”

He adds that Cementbouw has an investment management arrangement with ABN-AMRO, which it will review next year.

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