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Dutch roundup: Syntrus Achmea, AGH, NN IP, AZL, Dion Pensions Services

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The €285m pension fund for the Caribbean Netherlands has left Syntrus Achmea Pensioenbeheer for Rijswijk-based pensions provider AGH.

Harald Linkels, chairman of the scheme for civil servants, care staff and teachers in Bonaire, Sint-Eustatius and Saba, said his relatively small and “exotic” pension fund felt more comfortable with a smaller provider.

“We had a good relationship with Syntrus Achmea, but we noticed they focused on standardisation,” he said.

“At AGH, we are able to collect the contribution through the pension benefits.”

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According to the chairman, the pension fund has also decided to leave asset manager Achmea Investment Management, formerly Syntrus Achmea Asset Management, as of 1 July.

“Because we invest in US dollars and discount our liabilities against the dollar swap curve, we prefer a dollar-focused asset manager,” Linkels said.

He said the pension fund was negotiating with four players, and that Achmea had declined to participate in the tender.

In other news, the €300m pension fund of merchant bank NIBC has appointed NN Investment Partners as its fiduciary asset manager.

NN IP is to provide strategic advice, liability-driven investment, operational balance management and management reporting.

According to the NIBC scheme, it considered NN IP as a “sparring partner”, tasked with assisting the scheme’s board in seeking the best investment strategy, as well as implementation.

Previously, the pension fund contracted out its asset management – in a passive mandate – to BlackRock, investing in the manager’s funds whilst almost fully following the index.

Lastly, De Fracties, the €116m company scheme of Dutch food-ingredient company Loder Croklaan, has switched pensions provider AZL for Dion Pensions Services in Hardenberg, which focuses on small and medium-sized pension funds.

De Fracties, a scheme with almost 750 participants and pensioners, declined to comment on the switch-over.

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