(Updates with more details) NETHERLANDS – The 11 billion-euro SBA Artsenpensioenfonds (Pension Fund for General Practitioners and Medical Specialists) says it will overhaul its investment strategy.

The fund, which recently saw three senior executives leave in a restructuring, said in a carefully worded statement that it planned to “implement a passive management strategy” for its Pan-European and US large-cap equity portfolios, which represents almost 4 billion euros of its total portfolio.

“Due to this development as of today the internal managed equity portfolios are put on the index. Therefore the equity team of SBA will no longer initiate transactions,” SBA said. The fund will benchmark the portfolios to MSCI.

Bert Bos, SBA’s chief executive, said an “upgrade of investment policy” was the main driver behind the decision. SBA intends to do more in-house research into specific asset categories and quantative research.

Bos denied the policy change had anything to with the performance of the five-strong equity team. Although he said they would not be sacked, he added: “I am deliberating their task”. Bos further stressed the recent walkout of senior executives was not related to the changes in investment strategy.

SBA Artsenpensioenfondsen is the foundation for joint administration of pension funds for general practioners and medical specialists. It manages more than 11 billion euros of investments, of which 44% is in equities.

A few weeks ago, SBA made headlines in the Netherlands after it turned out three of its top executives (chief executive Dick Hoek, the interim head of investments and a deputy director) had all left the fund.

The resignations came amid a restructuring of the fund to comply with the country’s new corporate governance code.

At the time, Bos said the restructuring process was part of a move towards more transparency and reflected the “ever-changing” times pension funds had to operate.