MN – the €90bn asset manager and pensions provider for the Dutch metal schemes PMT and PME, as well as the pension fund for the merchant navy (Koopvaardij) – is to adjust its governance structure to improve its “battle-readiness” and “clarify its profile”.
Until now, the social partners of employers and workers owned 95% of MN.
In the new set-up, this stake is to be equally shared with both metal schemes, while Koopvaardij will keep its 5% stake.
In a joint statement, the parties said the new structure was meant to improve the schemes’ involvement in MN’s strategic direction and governance.
The metal schemes and MN have also defined the products and services MN is to offer, its target markets and where the decisions for assignments will be taken, particularly on pensions policy, administration, asset management, insurance and social arrangements.
PMT, PME and MN stressed that the principle that MN was a company for the social partners would remain unchanged.
They added that the strategic focus would remain on clients linked to the metal industry and the maritime sector, with benefits of scale, knowledge-sharing and cost-cutting being the chief aims.
However, they noted that the provider could also target other players, if the existing clients agreed.
Michiel Cleij, spokesman at MN, said: “The new structure is to offer shorter links, which should improve cooperation, to enable MN to act more decisively on challenges in the sector.”
He pointed out that the changes at MN had been triggered by developments in the market, such as ongoing consolidation among pension funds, as well as continuing adjustments to the Dutch pensions system.
In 2001, MN was one of the first pension providers to become independent from its pension fund, the metal scheme PMT.
The three parties stressed that MN would remain an independent entity, and keep its own responsibilities as a pensions provider.
Currently, in the UK, MN has seven clients and £2.5bn (€3bn) in assets under fiduciary management.