NETHERLANDS - Hewitt Associates’ Dutch arm is to administer the 450 million-euro Hewlett-Packard Netherlands pension fund, the fund’s administrator said.
Henk Bruntink told IPE that the fund, previously known as Stichting Pensioenfond Digital Nederland, has outsourced its administration to Hewitt because of its knowledge of the fund.
Hewitt/Heijnis was chosen from five short-listed candidates and will start working for the fund on July 1. Two people lost their jobs as a result of the contract, Bruntink said.
The board of directors, who made the decision in December, was assisted by a Hewitt consultant. “We wanted someone who had knowledge of the fund. They showed great knowledge, so we found they were the favourites,” Bruntink explained.
The fund, with 4,000 members, is 50% invested in global and European equities, 45% in global and European bonds and five percent in real estate.