NETHERLANDS - The €261m corporate pension fund of Dutch export firm Cargill has appointed MN Services as its fiduciary manager, the company announced today.
MN Services will take over from the various asset managers that are currently in charge of the fund's assets in the first week of January next year.
The asset management firms have been asked to cooperate in the transition to fiduciary management according to Phillip Jan Looijen, head of fiduciary management at MN Services.
The firm did not want to disclose the names of the "various managers".
Cargill refused to comment on the move, though it appears that the firm has chosen to switch to fiduciary management in order to escape the complexities of investment management.
The firm was advised by Mercer Investment Consulting.
This is the sixth Dutch fiduciary mandate for MN Services, which is the fiduciary manager for the corporate pension fund of Forbo, the industry wide pension fund for the fashion, interior design, carpet and textile industry (MITT), and the corporate pension funds of VOPAK, Volvo Car BV and funeral insurer Yarden.