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PGGM hires SER chairman Rinnooy Kan as advisor

NETHERLANDS - Alexander Rinnooy Kan has been appointed as advisory member of PGGM's executive investments committee, the €74bn Dutch pension fund for health care and social work announced.

Rinnooy Kan also is the chairman of the influential Dutch Social Economic Council (SER), which advises the government on social-economic policy and has a supervisory role; he took up the position on August 1.

Starting at PGGM on Friday last week, former ING-executive Rinnooy Kan replaces Herman Wijffels who was appointed as governor at the World Bank.

Previously Rinnooy Kan also was chairman of the Dutch pension policy at employers' group VNO-NCW.

Last week the fund announced the appointment of Heino van Essen as chairman of the executive directors of PGGM.

The news comes amid yesterday's announcement that the fund is in discussions to separate its asset management and administration from the actual pension fund, and to house both within a cooperative, in order to compete directly with insurers and banks by being able to sell other commercial insurance products to its own participants.

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