NETHERLANDS - The €90m Dutch corporate pension fund of GITP International has tapped Dutch financial group Robeco and its Swiss arm Corestone as its new fiduciary manager, IPE has learnt.

Kees van Rees, chairman of the  GITP fund and formerly managing director of the Shell pension fund, told IPE the scheme has awarded the new fiduciary manager on 1 August after a selection procedure in which several managers took part.

Van Rees outlined the scheme was previously managed by Interpolis, now named Syntrus Achmea, but Robeco will offer a full fiduciary service in which the fund will see an improved service on asset management.

It is the first mandate win for Corestone, which is an outsourced part of Robeco's fiduciary management.

While Robeco takes care of the fiduciary management, Corestone is responsible for portfolio construction, manager selection and possibly some risk management.

IPE reported in January that Robeco had ventured into multi-management with the launch of Switzerland-based Corestone Investment Managers, set up by former Altis man Martin Mlynár. (See previous IPE article Robeco finds multimanager in PME's Van Gent)

Paul van Gent, previously responsible for all manager selection at PME, the Dutch €21bn industry-wide pension fund for the metal industry - which moved into fiduciary management through MN Services last July - was named as Corestone's new chief investment officer (CIO) at that time.

Mlynár, co-founder and previously managing director at Altis Investment Management, told IPE at the time Corestone would initially focus on pension funds and other institutional investors in the Netherlands, but is also in talks with funds in Sweden, Denmark, Switzerland and Germany.

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