NETHERLANDS - The €700m pension fund Corporate Express has appointed BNP Paribas Investment Partners Netherlands as its fiduciary manager.

The scheme for employees at Staples Netherlands said it wanted not only to reduce operational risk but also to comply with current control requirements.

The pension fund added that balance and risk management, as well as performance and reporting, also played an important role during the selection process.

Pensioenfonds Corporate Express said the "experience" of BNP Paribas Investment Partners matched its criteria for support in improving investment processes.

BNP Paribas said it would combine its investment expertise in liability-driven investment and fiduciary management with the multi-management expertise of its partner FundQuest, which is also part of BNP Paribas Group.

FundQuest will focus on selecting and monitoring asset managers and provide advice and administration, according to a spokesman at the pension fund.

Pensioenfonds Corporate Express currently has 15-20 asset managers, he said.

Blue Sky Group currently handles pension administration for the scheme.

Corporate Express is the pension provider for more than 10,500 employees at Staples Netherlands, a worldwide supplier of office equipment.

BNP Paribas Investment Partners is the asset management division of BNP Paribas Group. With combined assets under management of €551bn, the company is Europe's fourth largest asset manager.