NETHERLANDS - Merrill Lynch Investment Managers has hired André van den Heuvel from rival F&C to head institutional sales and client service in the Netherlands, a new role.
Van den Heuvel, 42, was previously director and head of marketing and sales at F&C Netherlands and will be responsible for building on MLIM's position in the Netherlands, Belgium and Luxembourg markets.
He would be replaced, said an F&C spokesman. "We haven't made the appointment yet but will be replacing him."
Last week F&C said it has had some net outflows from institutional clients predominantly in the Netherlands and the UK.
MLIM said it created the role as its business in the Netherlands expands with the acquisition of electronics group Philips' internal asset management arms and a seven-year contract to manage €12bn for Philips Pension Fund.
"He will continue to build our business in the Netherlands, which is the second biggest pension market in Europe after the UK," said Leen Meijaard, head of MLIM in Benelux.
"MLIM is the largest non-domestic active manager in the country and provides potential Dutch clients a true alternative to local managers."
Van den Heuvel joined Achmea Global Investors in 1999 as head of investment management, which subsequently became F&C Netherlands.