Dutch textiles company Gamma Holding has appointed multi-manager specialist Frank Russell to manage a E175m equity and bond portfolio for its E340m pension fund.
The fund decided to employ a multi-manager as it felt its own capacity and resources were too limited to cope with the continuous monitoring and control of asset managers.
Says Willem van der Willigen, chairman of the investment committee of Stichting Pensioenfonds Gamma Holding Nederland: “By delegating these operational activities to Russell, the pension fund can spend more time on strategic investment and pension issues.”
Van der Willigen confirmed that the fund was originally invested in equities and bonds, so no change in asset allocation has occurred, but declined to say who was the previous manager.
Frank Russell has also been appointed to run a E50m mandate for two Belgian institutional investors, one of which is the King Baudouin Foundation.
Oscar Pesch, responsible for Russell’s institutional clients in Benelux and Scandinavia believes that pension funds are increasingly seeking to outsource operational activities.