NETHERLANDS - The €12bn Dutch Doctors Pension Fund has awarded Munros Capital Management with a €100m European small-cap equities mandate.

Munros, which was spun off recently from Dutch merchant bank Kempen & Co, commenced its activities for the fund last month and manages the mandate for the scheme's fund for general practitioners, it appears.

The mandate was previously managed by Kempen Capital Management, a subsidiary of Kempen & Co. It is unclear why the mandate came under review and went to the firm's spin-off.

Nobody at the fund, which recently appointed a new finance head, was available for comment.

Last month, Kempen & Co forced its board chairman, Wiet Pot, to step down with immediate effect, after the regulators De Nederlandsche Bank (DNB) and the Financial Markets Authority (FMA) concluded that he could not stay on as director after administrative and procedural breaches in internal compliance policy.