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Impact Investing

IPE special report May 2018


Horeca sacks disappointing F&C

NETHERLANDS - Horeca, the €2.7bn industry-wide fund for the Dutch hotel and catering sector, has replaced F&C on two mandates because the asset manager’s performance did “not meet expectations”.

The pension fund today announced it has tapped Blackrock for the €480m fixed income brief previously managed by F&C. The fund’s entire fixed income portfolio is around €1bn.

Horeca spokeswoman Jet Gerla told IPE Blackrock will manage a global bond mandate, investing in government bonds as well as emerging markets and high yield credits.

Asset manager Cohen & Steers will manage the scheme’s entire €125m listed real estate equities portfolio, which was also previously with F&C.

Asked why F&C was replaced, Gerla said: “We expect a better performance of the new managers. F&C’s performance did not meet expectations.”

Both managers started on May 1 following “an elaborate selection process,” assisted by consultancy firm Watson Wyatt , Horeca said in a statement.

The fund said the mandates are a further step towards diversifying its investment portfolio and managers structure.

No other mandates are currently planned, though Gerla said the fund is conducting another asset liability-matching (ALM) risk budgeting study, which might result in the appointment of new managers.

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