Mandate roundup: BlackRock wins €1bn custody mandate
After an intensive selection process, Stichting Beroepspensioenfonds Loodsen (BPL), the Dutch scheme for marine pilots, has appointed BlackRock as fiduciary manager, advising on the fund’s €1bn in assets.
According to a statement issued by the scheme, BlackRock will advise on how the fund can best organize its investment portfolio, taking into account future pension payments and current market conditions. In addition to strategic advice, BlackRock will also take care of the selection and monitoring of asset managers and the balance and risk management, including the management of interest rate and currency hedging.
Robert de Jonge, chair of BPL, said: “Although we were delighted with the quality of several service providers, we are convinced that BlackRock is the best long-term partner for us. In addition, we directly benefit from their economies of scale and negotiating power. This is reflected in lower costs for the participants in our pension fund.”
Robeco, the fund’s previous fiduciary, announced a few months ago that it would cease offering fiduciary services to pension funds and insurers.
Swiss CERN picks actuary
CERN Pension Fund, the CHF4.3bn (€3.8bn) Swiss scheme for the European Organization for Nuclear Research, has reappointed Buck as actuary for a further four-year contract.
Buck was first appointed by CERN in 2013 and will provide actuarial consulting services from its London office.
Matthew Eyton-Jones, chief executive officer of the Geneva-based fund, said: ”The clarity of advice and practical solutions to complex problems has helped deliver valuable insight regarding the financing of the fund and also aid decision making to achieve better outcomes for all concerned.”
Marcus Hurd, UK commercial director at Buck, said: ”The CERN pension fund is a major European pension fund and one with which we are proud to have such a strong ongoing relationship.”