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Dutch manager PGGM sets out to improve fiduciary services

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PGGM, the €167bn asset manager and pensions provider, has ramped up its fiduciary services for existing and new clients, according to Chris Limbach, head of the fiduciary advice team.

Limbach said the company had shifted its fiduciary offering from a “one-step solution to a process comprising several stages”, with the view to giving clients more control over the implementation of their investment policies.

He said PGGM aimed to improve the quality of its decision-making processes in light of the growing regulatory burden on its existing six clients. 

PGGM’s fiduciary approach now addresses the elements of an asset-liability management study (ALM) separately, matching asset classes with a scheme’s specific requirements and mandates, in addition to monitoring and evaluating asset managers, Limbach said.

He said a particular challenge would be to reduce the “current lengthy” decision-making process for new investments.

Limbach said PGGM’s fiduciary service would not be available as a standalone product, but would be part of the asset manager’s overall package, in alignment with its goal of playing a “prominent role in the consolidation occurring within the Dutch pensions sector”.

He added that PGGM would increase its seven-strong fiduciary team to 10 next year.

To make the service more visible, it was given the name Fiduciary Advice at the start of this year.

Limbach said PGGM had no plans to offer its fiduciary services abroad.

The asset manager has been providing fiduciary services since it became independent from its largest client, the €149bn healthcare scheme PFZW, in 2008.

Since then, the service has been developed gradually within its overall service package for all clients.

These also include the pension funds for general practitioners (SPH), painters and decorators (Schilders), architects and security, as well as the company scheme of Smurfit Kappa, the packaging material manufacturer.

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