NETHERLANDS – Dutch health care fund PGGM has replaced Marjolein Sol as director of equities with Leo Lueb as of November 1.

The scheme said Sol would take a one-year sabbatical and return to the fund, the Netherlands’ second largest, in a new post.

Lueb will take charge of a €32.7bn portfolio which accounts for 47.2% of the fund’s total assets. Equities returned 8.5% in the third quarter and 15.8% in the year to date.

The appointment is the first senior investment staff change that the Zeist-based fund has announced since Else Bos took over as director of investments from Roderick Munsters earlier this year.

Lueb has had various roles at the €69bn fund since 2001. He’s been advisor to the director of investments, interim manager of fixed income and head of the Absolute Return Fund. “From January 2004, he was closely involved in the further development of the Equities department,” PGGM said.

PGGM serves 1.6m participants and 17,000 employers and made a 6% return on investments in the most recent quarter.