SFB rebuilds as 'Codares'
The Dutch social fund for the building
industry (SFB) has changed its name
and says it will intensify its efforts in
finding new clients.
Under the new name Cordares, the
organisation, which implements 25
different schemes and has €25.1bn in
assets under management, will also be
looking for clients from other pensions
sectors than just the building industry.
It offers administration, implementation,
asset management and additional
Cordares is already negotiating with
individual company funds as well as
complete industry-wide schemes,
chairman Joep Schouten says in the
Dutch daily Het Financieele Dagblad.
He expects at least two large pension
funds to join Cordares this year. “Our
scheme could expand one-third before
we hit our limits,” Schouten adds.
“We have a sufficient scale for operating
at minimal costs,” he says.
Cordares manages the fixed income
portfolio and part of the European
equity portfolio itself. The other investments
have been contracted out to
Cordares has already removed
some management layers from the
Together with KLM scheme’s Blue Sky,
and metals fund’s MN Services, and SPF
Beheer, Cordares has a special position
in the Dutch pensions market. All
schemes originate from one large
client, but have expanded their activities
and implement the asset management
“Our position is somewhere between
the largest schemes ABP and PGGM,
which do everything themselves, and
the commercial insurers,” Schouten
explains. “We aim at the management
and administration of whole schemes
as well as offering collective and individual
“This way we think we are an alternative
to many of the approximately 600
Dutch pension schemes which, under
pressure of new legislation, are looking
for new ways of organisation.”