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Dutch fund outsources pre-euro

The Gravenshage-based Dfl1bn ($555m) pension fund for Dutch meatpackers and food production employees (Beroepspensionfonds voor de Vleeswarenindustrie en de Gemakvoedingindustrie - BVG) has outsourced its entire investment management and fund administration, following fears that the scheme's internal resources would be unable to cope with euro transition or the millenium bug. Beon Vermogensbeheer investment management has been selected for the mandate because of its information technology skills and resources, which according to Duuk Graaf, fund manager at BVG will enable the fund to overcome these difficulties. The fund has also switched its custody arrangements from ABN-AMRO to Kas Associate in Amsterdam, and is currently considering its asset allocation strategy in preparation for next year's euro transition.

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