SBA to overhaul strategy
The €11bn SBA Artsenpensioenfonds
(Pension Funds for General Practitioners and
Medical Specialists) says it will overhaul
its investment strategy following
the departure of three senior
staff in a restructuring.
The scheme said it planned to
“implement a passive management
strategy” for its Pan-European
and US large-cap equity portfolios,
which represents almost
€4bn of its total portfolio.
“Due to this development as the
internal managed equity portfolios
are put on the index. Therefore
the equity team of SBA will no
longer initiate transactions,”
Bert Bos, SBA’s chief executive,
said an “upgrade of investment
policy” was the main driver behind
the decision. SBA intends to do
more in-house research.
Bos denied the policy change had
anything to with the performance
of the five-strong equity team.
Although he said they would not be
sacked, he added: “I am deliberating
their task”. Bos further stressed
the recent walkout of senior executives
was not related to the changes
in investment strategy.
SBA Artsenpensioenfondsen is
the foundation for joint administration
of pension funds for general
practitioners and medical specialists.
It manages more than
€11bn of investments, of which
44% is in equities.
Earlier it emerged that chief
executive Dick Hoek had left – and
that the interim head of investments
and a deputy director were
also let go at the country’s sixthlargest
pension fund. The resignations
come amid a restructuring of
the fund to comply with the country’s
new corporate governance
SBA is splitting its activities into
a board that sets policy, and a
separate company looking after
administrative and asset management.
Chief executive Bert Bos rejected
media speculation that the
scheme was in crisis and that there
was a power struggle between the
doctor’s fund and the medical specialists
Bos stressed the departure of all
three senior executives had
“absolutely nothing” to do with a
power struggle. “Differences of
opinion happen in almost every
organisation. There is no power
struggle. Yes, three senior executives
have left, but that has nothing
to do with the restructuring,” he