NETHERLANDS - The Dutch pension funds of Uniqema, a manufacturer of oleochemicals, and the pension fund of chemicals firm Hercules have tapped AZL as their fiduciary manager.
Heerlen-based AZL confirmed today Uniqema is a fiduciary mandate worth around €70m, while the Hercules mandate is worth approximately €150m.
AZL will set up the Uniqema fund's investment portfolios, as well as select asset managers and provide investment administration.
Hercules, which already uses AZL for its pension administration, has now tapped the company to administer the fund's investments.
TVM Verzekeringen announced earlier this year it had appointed ING/AZL to provide fiduciary management services for its entire €450m investment portfolio.
The Dutch pension fund of JohsonDiversey, a provider of commercial cleaning, sanitation and hygiene solutions, also announced it had appointed AZL to take care of the fund's pension administration, actuarial support and act as an adviser to the board.
A supplement on fiduciary management, accompanying next month's IPE Magazine, reveals Jan Hasselman of bpf MITT, the €950m industry-wide pension fund for the Dutch fashion, interior design, carpet and textile industry, believes a pension fund's management should not make investment choices by itself, as there is not enough in-house investment expertise.
MITTs dropped AZL in 2006 in favour of the larger Mn Services as its fiduciary manager.
N.B. Oleochemicals are chemicals derived from biologicals oils and fats.
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