Vermaire to head investment at TNO scheme
NETHERLANDS - The €1.8bn pension fund of applied technical research institute TNO has appointed Arjan Vermaire as its new chief investment officer.
Vermaire has been working for Rijswijk-based pensions provider and asset manager A&O Services during the past 10 years, and has been deputy asset manager there since 2002.
A&O is the asset manager for BPF Schilders, the €3.2bn pension fund for the painting, finishing and glazing sector, which had a cover ratio of 109% at the end of 2008.
In that same period, the TNO scheme had a cover ratio of 103% as the pension fund - which has approximately 14,500 participants - delivered a negative return of 4.8% for the year.
The new chief investment officer succeeds Mark Burbach, who was appointed in the same position at pensions provider and asset manager Blue Sky. (See earlier IPE story: Burbach to leave TNO pension fund)
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