Vervoer, the €15.8bn pension fund for private road transport in the Netherlands, has appointed Marjolein Sol as its new CIO, effective 1 August. 

Willem Brugman, the scheme’s chief executive, who confirmed the appointment to IPE sister publication FD-IPN, said: “We are pleased with her joining us.”

At Vervoer, Sol is to succeed Patrick Groenendijk, who recently started as practice leader at Northern Trust’s Chicago-based fiduciary management team.

From 2012 to 2013, Sol was a board member at Mercurius, the pension fund for financial services – including communications watchdog AFM and Euronext – which is currently in the process of liquidation. 

Before then, she was CIO at Syntrus Achmea Asset Management and senior adviser at insurer Achmea.

Vervoer’s new CIO has also been business leader for IC Benelux at consultant Mercer, director of fixed income and equities at the €158bn asset manager PGGM and head of credit derivatives at Rabobank.

Pensioenfonds Vervoer reported a preliminary return of 1.6% in April, following a quarterly return of 6%.

Its funding was 112.7% at March-end.

Meanwhile, Vervoer and Goldman Sachs Asset Management recently announced that they reached a settlement in a claim from Vervoer for damages over GSAM’s performance as its fiduciary manager.

Both declined to provide further details about the settlement.