Stichting Pensioenfonds voor de Woningcorporaties (SPW), the €15bn pension fund for the Dutch social housing sector, has appointed Van Lanschot Kempen as its new fiduciary manager.
Van Lanschot Kempen, which has €66bn in fiduciary assets under management in the Netherlands, will fully take over as fiduciary from APG by 1 January 2027.
In 2024, APG announced all of its external fiduciary clients had to switch to another provider as the firm would become the exclusive fiduciary for its owner, civil service scheme ABP.
SPW is the first of these external clients to have found a new fiduciary. The other funds still on the lookout for a new fiduciary manager are construction sector scheme Bpf Bouw, the sector pension scheme for architects and the staff pension scheme of APG.
Van Lanschot Kempen said in a press release that the onboarding of its new client has now started.
As of 1 January 2027, it will provide full fiduciary services to SPW. This will, however, not include the fund’s €1.5bn in real estate investments. In 2024, the scheme hired ASR to advise it on its real estate investments.
Henk Jagersma, the pension fund’s president, told IPE that selecting Van Lanschot Kempen had not been an easy choice to make.
“We started with a shortlist of eight fiduciary managers, which we then reduced to three. The differences between these managers were small, but eventually we chose Van Lanschot Kempen because they gave us the most comfort, are customer-oriented and offered competitive pricing,” he said.
According to Jagersma, the fees charged by Van Lanschot Kempen for fiduciary management are lower than at APG.
The pension fund is still on the lookout for a new custodian, Jagersma added.
“We currently work with three different custodians via APG, which has so far been in charge of our investment administration. We want to simplify things and switch the whole administration to one custodian.”
