THE NETHERLANDS - The Dutch temping agency Randstad has appointed the Dutch asset manager Kempen Capital  Management (KCM) to manage its  €390m pension fund.

Kempen will also give "strategic advice" to Randstad, as well as to its pension fund management and to its investment advice commission, the company announced yesterday.

Fred van Haasteren, chairman of the pension fund, noted even though Randstad has chosen to continue to manage the pension fund in-house, investing is not a core activity of the company.

"New law changes requires an integral drive and reportage of both assets as well as liabilities of a pension fund," he said, adding the fund therefore wanted to find a partner who could take on the fund's asset management in a "proactive" way.

Paul Boerboom of Avida International advised the fund in its selection of Kempen, which, according to Van Haasteren, has "Anglo-Saxon quality with a Dutch mentality".

The company says it now has around €3bn in fiduciary assets under management.

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