NETHERLANDS – State Street has hired Philips’ Pension Fund’s former back office head Jan van der Meijden as vice president, head of middle office services.
Van der Meijden, 54, started at State Street in August.
He joins from the Philips Pensions Competence Center (formerly Schootse Poort Vermogensbeheer) – one of two of the electronics giant’s in-house pension arms sold to Merrill Lynch Investment Managers earlier this year.
A State Street spokesperson denied that van der Meijden’s move is linked to the outsourcing contract. “No, not at all,” she told IPE.
Van der Meijden has filled a newly created position at State Street. He will head up a team of four who are responsible for the coordination of day-to-day operations with approximately 40 others.
The outsourcing move was announced as part of a "strategic partnership" with the Philips Pension Fund which includes a seven-year contract to run €12bn for the fund.
The Competence Center and Philips Investment Management are now operating under the MLIM name and are based in Eindhoven.
Meanwhile, Hewitt Associates took over the administration of the Philips Pension Fund in an agreement finalised last month.