NETHERLANDS - Horeca & Catering (PH&C), the €2.8bn pension fund for the Dutch hotel, restaurant and catering industry, has announced Ernst Hagen will become its new head of investments from next month.

This is a new position created "in order to strengthen the governance structure", Horeca said in a statement this morning.

Hagen joins the fund next month from Strategeon Investment Consultancy, the consulting firm run by former Watson Wyatt Dutch investment head Paul van Aalst, where he was senior consultant in the field of asset liability matching (ALM), asset management and communication.

Van Aalst lured Hagen from ING Investment Management in 2005.

Working with a team of two, Hagen will be responsible at Horeca for overseeing the fund's asset management.

PH&C said its assets are currently contracted out to 12 external asset managers.

Last month, the fund announced it has granted its participants an indexation of 3% next year.

This one-off payment will apply to all of its 700,000 active participants, deferred members and pensioners, the industry-wide scheme said.

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