PWRI, the €8.3bn pension fund for disabled workers in the Netherlands, has extended its fiduciary mandate with F&C for €882m of real estate and residential mortgage holdings.
The mandate is for strategic advice, including portfolio construction, manager selection, monitoring, reporting and daily-management support, such as the allocation of cash flows.
Kees de Wit, chairman of PWRI’s investment committee, said: “F&C, with its expertise of the property and mortgages markets … will enable us to make the right investment choices for our strategic portfolio.”
He said the pension fund’s investment decisions were based not only on a risk/return assessment but ESG criteria.
PWRI has already appointed F&C as its adviser for and executor of its ESG investment policy.
F&C has €103bn in assets under management, including €35bn for institutional investors in the Netherlands.