NETHERLANDS - The E800m pension fund for public pharmacists in the Netherlands has sacked its administrator Nationale Nederlanden and opted instead for common management firm AZL.
Anton van Zijl, director of the Stichting Pensioenfonds Apothekers (SPA) told IPE the quality of NN’s services had been “abominable”.
“That is why, from January 1 2005, we have opted for AZL instead,” he said.
Nationale Nederlanden, a subsidiary of Dutch banking and insurance giant ING, had been SPA’s administrator for 30 years. “Yes, that is very long time,” Van Zijl said. “But at the end of the day, NN’s services quite simply were not up to scratch on a number of points.”
For example, Nationale Nederlanden is said to have been “too slow” or “completely incapable” of implementing regulatory changes into its administrative system. Van Zijl hinted Nationale Nederlanden’s (outdated) IT system had a lot to do with that.
Nationale Nederlanden did not respond to repeated calls seeking comment.
Van Zijl said the sacking of Nationale Nederlanden would not have any repercussions for ING Asset Management, which manages 50% of SPA’s assets. “But we are always looking at how our asset managers perform on a regular basis. And we shall definitely be looking into how they will do in light of the FTK and other regulatory changes.”
AZL is the common management company for some 55 pension fund clients, including the funds for Dutch mine workers, the textile industry and librarians. It has E6.4bn assets under management worldwide.
A spokesman for AZL said it was “not the for the first time” it had picked up “a client or two” from the insurance sector, and Nationale Nederlanden in particular. Asked if there was a trend, he said: “These funds do not leave because the quality of Nationale Nederlanden’s services was so good.”
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