NETHERLANDS - PGGM, the €81bn pension fund for Dutch healthcare and social workers, has made another internal management reshuffle - the second one in just under 14 months.

Leo Lueb has been relieved of his duties as chief investment officer (CIO) and will now work as adviser to Else Bos, chief executive officer, investments.

Until just over a year ago Lueb was PGGM's director of equities, before being named CIO in February 2006.

Piet Roelandt, with the fund since 2002, had been director of fixed Income, treasury and commodities before becoming director portfolio management He is now promoted to CIO, portfolio management.

Lastly, Johan van der Ende has been appointed CIO strategy and structured investments. He was appointed director of structured investments on July 1 last year, after holding the position of chief operating officer since March 2005.

The fund's previous revamp in management responsibilities followed changes in its investment management structure, abandoning the conventional approach based on asset classes and separating market risk from absolute risk management.