NETHERLANDS - The company pension fund of linoleum producer Forbo has selected MN Services as its new investment manager, MN has announced.
The provider will become the sole fiduciary manager for the €185m scheme, it added.
"This implicates that MN Services will absorb co-responsibility for the returns on investment, and will advise the scheme on a strategic level on matters like investment policy, as well as on all operational matters."
"We have chosen MN Services, because we consider them as a reliable partner for the management of our pensions assets," said Pieter Hartog, chairman of the Forbo pension fund and managing director of Forbo Linoleum.
"MN has demonstrated that it can offer a high quality of service, combined with flexible management support, which perfectly suits the needs of the pension fund as well as its sponsor."
"We are proud that Forbo has opted for MN Services. It proves once more that we can add value to institutional parties on advice, investment management and administrative services," Rudolf Hagendijk, chairman of MN's executive board, commented.
According to MN Services, a number of other schemes, including the industry-wide pension fund for the Fashion, Interior, Carpet and Textile industry, the company pension fund of storage firm Vopak and the funeral insurance company Yarden has also opted for its fiduciary management concept during the past 18 months.
MN Services provides pension administration services for 1.1 million participants, and over 33,000 employers. It has €33bn of assets under management.