NETHERLANDS - The €83bn Dutch pension fund PGGM, one of Europe's largest schemes, has an almost 63% stake in the Maple Leaf Macro Volatility Fund.

The news appeared late yesterday on the London Stock Exchange's company announcements wire, in a notice of shareholding.

Maple Leaf said PGGM has 1.98m non-voting Class X shares of the fund, representing 62.8% of issued shares

PGGM spokeswoman Ellen Habermehl declined to comment on the move.

Maple Leaf Capital LLP - founded in 2002 by former Credit Suisse First Boston trader Michael Wexler - launched the Macro Volatility Fund to external investors in November 2004.

Wexler was quoted as saying in an article with Hedgeweek last year in which he explained the investment process of the fund. Every trade was looked at from a quantitative and a macro point of view he was quoted saying.

Last year, PGGM abandoned its conventional approach based on asset classes, which saw the fund explicitly separating as well as managing market risk, and active investment policy.

Also it made vigorous efforts to further use its scale advantages to select investments with a very long-term horizon.