Dutch Merchant Navy signs administrator
NETHERLANDS - The €3bn occupational pension fund for the Dutch merchant navy (Bedrijfspensioenfonds voor de Koopvaardij), has appointed its fiduciary manager Mn Services to also act as its pension administrator.
MnServices said the two parties signed an agreement yesterday which places the fund's administration with the manager from 2010.
The fund appointed fiduciary manager Mn Services to act as a multi-manager and adviser to the fund in March last year. (See earlier IPE story: Mn Services to deliver multi-manager for Merchant Navy)
Investment consultant Watson Wyatt was tapped in 2007 to review the fund's investment arrangement after reviewing Achmea as a fund manager.
Hylke Hylkema, director at the pension fund, said Koopvaardij is happy to appoint Mn Services to run both its fiduciary management and administration, though it does mean Syntrus Achmea will now also lost its administratin contract.
PME and PMT, two of the largest four Dutch pension funds, have also recently tapped MnServices for pension administration, which it will outsource to the manager in 2010.
MnServices now has €56bn in assets under management and conducts pension administration for over 1.2m participants.
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