NETHERLANDS - Roland van den Brink, investment director at the PME pension fund, has joined Mn Services' board of management.
His move follows Saturday's announcement PME revealing the €21bn industry-wide mechanical and electrical engineering pension fund has formally mandated Mn Services as its fiduciary manager.
The pension fund's asset management team, lead by Van den Brink, today also moved to Mn Services.
This move has creates the largest non-commercial pensions provider in the Netherlands, so with assets under management of €58bn and over 1.7m participants, it is necessary "to augment the board of management," PME said in a statement today.
"Simultaneously, with the award of the fiduciary management mandate, PME has acquired an interest in Mn Services," added the fund.
Its related share transfer took place last Friday.
Parties are also said to be in discussions about the appointment of MN Services as PME's pensions administrator, to replace current administrator PVF Achmea.
"If further agreement is reached on the provision of pension administration services to PME, this interest may be increase to a maximum of 40%," the fund added.
Social partners - employers and employees - will remain owner of the provider while remaining shares in Mn Services will continue to be held by Pensioenfonds Metaal & Techniek (BPMT), the pension fund for the metalworking and mechanical engineering sector.
Hans van der Windt, general managing director at PME, commented: "If the talks on transferring PME's pension administration to Mn Services are successful, it will simplify things for our participants and for employers in the sector.
"There is always a lot of switching between the metalworking and mechanical and electrical engineering sectors. Having a single administrator would make life easier for all concerned," he added.
MN Services is already pensions provider for PMT, the €32bn industry-wide scheme for metalworking and mechanical engineering.
Both parties said in May the expansion of MN Services' clients base will mean greater purchasing power, higher investment limits and pooled expertise.
No jobs have been lost as a consequence and the parties even expect employment to grow in the future, they said.
PME also told IPE in May it is unlikely to make changes to its asset managers.
The fund's assets are currently managed by 35 external and commercial parties worldwide in 45 mandates while MN Services has contracted out 70% of its assets under a similar model.