Mandate roundup: Russell, Horeca, Principal Global Investors
NETHERLANDS - The $1bn (€777m) Aruban pension fund, APFA, has selected Russell Investments in the Netherlands as its fiduciary manager.
Russell will be in charge of advising Aruba’s largest pension fund APFA on its investment strategy and risk management.
Additionally, Russell will act as fiduciary manager of the pension fund’s foreign portfolio.
APFA is the pension fund for civil servants in the Caribbean island of Aruba and has more than 6,000 members.
Its investment strategy includes a diversified portfolio of stocks, bonds and real estate.
Russell will advise APFA on the balance sheet management of the overall pension and select external managers for the international portfolio.
Mark Bakker, director of investments and treasury at APFA, said the fund was looking for an independent party with worldwide experience.
“Russell’s focus on risk management and experience in the field of strategic advice and portfolio construction has convinced us,” he said.
In other news, the Dutch pension fund Pensioenfonds Horeca & Catering has awarded Principal Global Investors a €78m emerging market equities mandate.
Horeca has approximately 900,000 participants from 36,000 employers and manages €4.8bn of assets.
Wouter Jan Naborn, head of asset management at the scheme, said: “Principal Global Investors proved they can consistently add value by active management.
“Their large, dedicated team, which is very disciplined and well-structured, was a key factor in our decision making.”
Principal manages more than $3bn in assets for 11 Dutch clients.