NETHERLANDS – Kempen Capital Management - the asset management arm of Dutch merchant bank Kempen & Co – has restructured TDV Pension Fund’s €125m equity portfolio.

The shake-up has seen consultant Financiële Diensten Amsterdam axed as adviser to the in-house portfolio.

KCM was recently appointed fiduciary manager of the portfolio, which was previously managed in-house.

No adviser was used in the tendering and selection process. The contract will run for an indefinite period of time.

The KCM fiduciary management team is headed by Hans Rademaker, the former managing director of asset management at Mn Services.

According to TDV scheme director Theo Hillen: “Following a thorough analysis, we have decided to no longer invest in individual shares, but to select investment funds instead.

“By spreading our investments over multiple investment managers, we seek to improve the risk-return trade-off.”

According to a KCM release, traditional benchmark driven products will form the basis of the portfolio. In addition, a number of investment managers with a more outspoken investment style would be selected.

Rademaker told IPE that roughly ten external managers have already been appointed and funded under the new plans. However he declined to name any.

“The selection and monitoring of non-benchmark driven managers is one of our core competences where we can add substantial value for customers,” said Rademaker.

He added that the restructuring of the portfolio took effect at the start of April “in close collaboration” with TDV.

In other changes, independent investment research and consultancy outfit Financiële Diensten Amsterdam was axed as adviser of the in-house equity portfolio.

FDA had been an adviser since 1999/2000. However, an FDA spokesperson told IPE that it still has a relationship with TDV.

The pension fund’s equity portfolio has 70% in European equities, 20% in the US and 10% allocated to Asia/Pacific.

The roughly €350m TDV scheme is the corporate pension fund for employees of the Impress companies, and former and retired employees of Thomassen & Drijver-Verblifa.