NETHERLANDS - Jac Kragt has been promoted to become chief finance and risk officer (CFRO) at the recently disconnected asset management arm of the giant Dutch health care pension fund Zorg & Welzijn (PFZW).

A spokesman told IPE the organisation, which manages €82bn in pension assets, has decided to "strengthen" the independence of the finance and risk functions, as part of its drive to win third-party mandates.

The spokesman added Kragt's promotion is the addition of a new layer to the management strucutre, as Angeli van Buren, head of the finance department, will remain in her role but will now report to Jac Kragt instead of chief executive Else Bos.

Patty Hofmans, head of risk, will also now report to Jac Kragt instead of to chief operating officer Mark van den Berg.

Kragt joined PGGM Investments only seven months ago, serving as managing director of fundamental strategies.

"Kragt will be managing the performance and risk, operational risk, control and compliance departments," said the company, adding he will report to Else Bos, the chief executive of PGGM Investments.

PGGM's website states it is looking for a risk manager to join its team, while the firm is also looking to recruit a new investment manager for beta asset management.

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