NETHERLANDS - The €145m pension fund of the Dutch Social and Economic Council (SER), the body that advises the Dutch government on social and economic policy, has appointed ING/AZL as its fiduciary manager.

ING, aided by its insurance subsidiary AZL, will take on the fund's strategic asset allocation, portfolio construction, asset management, risk management and reporting.

The SER fund, which previously employed ING Investment Management on a number of equity and fixed income mandates, has decided to put its entire fixed income portfolio with the company.

The equity and real estate investments will both be equally divided between ING and Bank Insinger de Beaufort.

The ING/AZL combination will take responsibility for all reporting, including the consolidated accounts and risk assessment, though ING has the final responsibility in the relationship.

ING, which also does the fiduciary management for the €1.3bn Dutch pension fund for dentists and dental specialists (SPT), now has €17.3bn under fiduciary management, a spokesman told IPE today.

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