Dutch SCA funds go fiduciary
NETHERLANDS - Two Dutch corporate pension funds of global consumer goods and paper company SCA with combined assets of €360m have chosen asset manager Mn Services as its fiduciary manager.
The €183m SCA ‘t Anker fund, which administers pension scheme part of SCA Packaging Nederland division, and the €177m SCA Hygiene Products Nederland fund said they expect to be able to respond more effectively to "the growing complexity of their task because of increased supervision and rules and legislation".
Mn Services will advise both funds, which have cover ratios of 138% and 136% repsectively, on investment policy at a strategic level and organise operational matters relating to the pension fund's asset management.
Marthijs van Gool, spokesman for the SCA funds, said fiduciary management will allow the boards of the pension funds to concentrate on strategy and control.
Mn Services, which is owned by the two Dutch metal industry pension funds - BPMT and PME - manages assets of over €65bn.
Late last week, the asset manager announced Eric Uijen, director of Horeca, the €2.8bn industry-wide pension fund for the Dutch hotel, restaurant, cafe and catering industry, had resigned to join Mn Services in November, and become a member of the Pensions and Services management committee. (See earlier IPE story: ‘€2.8b Horeca fund seeks new director').
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