The €700m company scheme for asset manager Robeco has outsourced its fiduciary management to NN Investment Partners, after its sponsor ceased offering these services.
It said that NN IP will take over strategic advice about the scheme’s investment portfolio, as well as currency hedging and operational matters, including reporting.
Robeco will continue to provide interest hedging, it added.
The pension fund also stated that it plans to transfer its entire investment portfolio – largely invested in Robeco funds – to NN IP.
Tom Steenkamp, the scheme’s chair, said these investments will remain intact “for the time being”.
Until now, selection and monitoring of asset managers has been carried out by Swiss-based firm Corestone, owned by Robeco until the end of 2018.
This service is to move to Altis, NN IP’s subsidiary for manager selection, which is also based in Switzerland.
According to Steenkamp,NN IP’s “alertness when answering questions” during the selection process was one of the key elements that sealed the deal.
The fund’s annual report showed that Robeco had charged €565,000 for fiduciary services for 2018. Steenkamp confirmed the scheme will pay NN IP a slightly lower fee.
Robeco announced in September it would cease its fiduciary management, after its largest client – the €33bn sector scheme for road transport and inland shipping (Vervoer) – switched to Achmea Asset Management.
Last month, Robeco said it would transfer its administrative services for additional defined contribution (DC) plans to ABN Amro Pension Services.
Earlier, it also transferred its low cost DC vehicle (PPI) to ABN Amro.