NETHERLANDS - Stichting Gemeenschappelijk Beheer & Administratie Beroepspensioenfondsen Artsen (SBA), the Dutch medical pension fund, is in the process of transforming into a common management company.

Confirming the move to IPE, SBA director Dick Hoek said: “At this moment the steering committees are getting to together to make a decision on the separation because SBA will become a BV with another structure. It will be more commercial.”

He added: “At the moment we are very busy getting the right people in the right place, asset managers and so on.”

Mr Hoek said that the process should be completed by the spring of 2005. It is understood that the new operation will offer asset management and administration services.

SBA administers the Stichting Pensioenfonds voor Huisartsen (SPH), the pension fund for general practitioners, and the Stichting Pensioenfonds Medische Specialisten (SPMS), the pension fund for medical specialists.

According to its 2003 annual report, at the end of December last year SPH had 5.95 billion euros in assets under management.

Last year SPMS had 3.9 billion euros in assets under management.