EUROPE - For the second time, the €67bn Dutch pensions provider and asset manager MN Services has been appointed as fiduciary manager by a UK pension fund.
The Rijswijk-based company will handle strategic investment for the €30m pension fund of charity Macmillan Cancer Support.
MN Services will also be responsible for policy on structural improvement of the long-term risk/return balance.
This is the company's second contract in the UK, as the pension scheme of an undisclosed, €920m "professional services provider" picked the Dutch firm as its fiduciary manager earlier this year.
MN Services' fiduciary services to the scheme of Macmillan Cancer Support will comprise all investment aspects, such as advice on the strategic investment policy, risk management, dynamic portfolio management, selection of asset managers, cash management, relations with its custodians and socially responsible investment.
Sarah Smart, chair of the charity scheme, said: "We realised we lack the expertise, capacity and organisation to care for all aspects of our investments in relation to our liabilities.
"Fiduciary management offers the option to fully outsource daily management and the monitoring of our investment portfolio by experts, while having our say in strategic policy.
"We have chosen MN Services because of their track record and the way they can tune the shape of their fiduciary management to our need."
MN Services entered the UK market in March 2009 by offering integral asset management services.
Ruud Hagendijk, chairman, said: "The new contract confirms our fiduciary model is as important to UK pension boards as to Dutch.
"Our activities in the UK fits seamlessly in our strategy and our focus on value creation and controlled growth.
"The pension sector is increasingly becoming a European business, and attracting foreign clients is important to stay ahead of international developments."