NETHERLANDS - Dutch industry-wide transport fund Pensioenfonds Vervoer is to complete the withdrawal of its assets from F&C Asset Management following the appointment of Goldman Sachs as fiduciary manager.
F&C today announced the withdrawal of around £3.7bn (€5.5bn) in Dutch institutional balanced assets.
A spokesman said this was primarily Vervoer's fixed income assets, which are now being run by Goldman Sachs Asset Management. Vervoer appointed GSAM to run a €5.4bn fiduciary mandate in May this year.
The brief covers all of the pension fund's assets - including equities, fixed-income and hedge funds. The fund was advised by consulting firm Goris & Partners.
F&C today said funds under management fell by 1% in the third quarter to £105.8bn.
F&C said most of the assets lost in the period were institutional assets, principally comprised of mandate losses disclosed in its previous set of results.
One of these was the £1bn Electricity Supply Pension Scheme property brief.
Separately, former F&C finance chief Ian Paterson Brown has joined Resolution Asset Management as chief operating officer.