NETHERLANDS - Johan van der Ende is stepping down as chief investment officer at Dutch asset manager PGGM.

PGGM said it had become clear in recent months that the mutual expectations within the executive committee would "impede successful co-operation".

Van der Ende, who has worked at PGGM since 2006 and has served as CIO for the last two years, will leave the company on 1 November.

PGGM said the decision had been made by mutual consent.

Martin van Rijn, chief executive at the asset manager, said: "Taking the financial crisis into account, PGGM has achieved good investment results under Johan's leadership, and he has made a vital contribution to the expansion and professionalisation of PGGM Investments.

"The company has a professional team with strong drive, for which we owe Johan our gratitude."

Van der Ende said his years at PGGM had been "exciting".

"In the midst of a major financial crisis," he said, "we have succeeded in expanding the asset management function and turning it into a multi-client environment."

Van der Ende's duties will be assumed temporarily by Jac Kragt, who was promoted to chief finance and risk officer in December 2008 after serving as managing director of fundamental strategies for seven months.

PGGM, the asset manager created out of the PfZW pension fund for Dutch healthcare workers, manages approximately €99bn of assets of more than 2.2m current and former employees.