NETHERLANDS - PGGM has confirmed Piet Roelandt is leaving his role as chief investment officer of portfolio management in May.

Roelandt has spent eight years in various positions within the second-largest Dutch pension fund, including director of fixed income, treasury and commodities, but he has now decided to leave the firm to take on "new challenges".

He was appointed as CIO of portfolio management in March 2007 following an internal reshuffle, but after less than a year in the role Roelandt intends to leave PGGM on May 1 to cycle across America, and then he hopes to "return quickly to a new job in the financial markets".

"I am proud of what I have been able to contribute to PGGM's investment performance over the years. But having spent eight very enjoyable years working for PGGM, it's now tme for new challenges," he added.

Else Bos, chief executive of Investments at PGGM, said Roelandt had played an "important and very visible role" within PGGM and also praised his "extremely important" contribution to structuring the healthcare and social work sector's pension fund and his part in setting up and managing the investments organisation.

PGGM operates the pension scheme and assets of the healthcare and social work sector pension fund, and currently has €88bn of pension capital which it invests on behalf of more than two million members.

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