NIB Capital, the bank owned by the two largest Dutch pension schemes, is to wind down its 50-50 derivatives joint venture with Brussels-based asset manager and broking house Petercam following “continued substantial trading losses”.
“In the context of our previously reported evaluation of NIB Capital’s strategic options, we have decided, in consultation with fellow shareholder Petercam NV, to wind down the activities of NPD over time,” NIB Capital said.
Prior to that NIB, co-owned by civil service fund ABP and health care fund PGGM, had declined to comment on a newspaper report that the four-year-old Belgian joint venture had lost e20-30m in options trading.
NIB said the decision to pull the plug on the derivatives venture meant a 13% sequential decline in quarterly net profit.
Net profit in the first quarter fell to e52m from e60m in the final quarter of 2004, although it rose 37% on a year ago. NIB said: “Our core business performed well in the first quarter.”
No comments yet