NETHERLANDS – SPF Beheer, which manages €10bn for the Dutch railways pension fund, has joined the Enhanced Analytics Initiative – which seeks to improve brokerage research.
The EAI is a consortium founded by asset owners and institutional investors to set incentives for brokers to create better research of “material extra-financial and intangible issues”.
Utrecht-based SPF said it was committing to allocate a minimum of 5% of its annual broker commissions to those research houses which best analyse such issues.
“The main responsibility of both the Stichting Spoorwegpensioenfonds (Railway Pension Fund) and the Stichting Pensioenfonds Openbaar Vervoer (Public Transport Fund) is to achieve the maximum possible return within an established risk framework,” said SPF Beheer investment chief John van Markwijk.
“Only by doing this, can we provide our members with a good and affordable pension.
“Both pension funds are conscious of the social role that they fulfil as a long term investor and therefore, in order to make the most careful investment decisions, we require access to the very best and informed long term research.”
“SPF Beheer is the fourth new member to join EAI since March 2005 and this announcement demonstrates the growing momentum behind the Initiative and hence the growing incentive to brokers,” said EAI chairman Philippe Lespinard of BNP Paribas Asset Management.
The group now has members representing more than €457bn.
It comprises asset managers and pension industry players such as Hermes Pensions Management, London Pension Fund Authority, PGGM and Universities Superannuation Scheme.