NN Investment Partners (NN IP) is the new fiduciary manager of the €4.3bn SNS Reaal pension fund.

The scheme, which manages pensions for insurer Vivat and Volksbank, had been on the lookout for a new fiduciary because it wanted to combine asset management and fiduciary management in one entity.

Until last month, the fund’s assets had been managed jointly by Actiam and Cardano, with the latter firm being responsible for liability-driven investment (LDI) management, derivatives and the fund’s €600m long-duration portfolio.

In the new set up, NN IP will be responsible for the management of the LDI portfolio and other fixed income strategies. Its affiliate Altis will take on the selection and monitoring of external managers.

“We are delighted to work together with a party that speaks the same language and communicates in a transparent way,” said Benno Honsdrecht, president of the investment committee of SNS Reaal pension fund.

“We say goodbye to Actiam and Cardano with a lot of respect.”

NN IP’s fiduciary growth strategy has gained momentum over the apast few months – at the end of 2019 the firm won mandates from Pensioenfonds Robeco and Notariaat.

More recently, in April 2020, Scildon Pensioenfonds also picked NN IP as its fiduciary manager.

To read the digital edition of IPE’s latest magazine click here.