BELGIUM – The e550m Brussels-based VKG/CPM pension fund has dropped fund managers Jennison Associates and Invesco Asia from mandates totalling e65m, prior to the introduction of the new healthcare sector pension fund, ‘Amonis’ that the scheme is backing.
One of the factors believed to be behind the Jennison termination is that that as a solely US manager the firm does not comply with the requirements of the Sicav structure that is being implemented by Amonis later this month.
The firm managed a US aggressive growth portfolio of about e20m, some 3.5% of the fund’s total assets.
The fund’s other growth manager, Gartmore, remains with the fund.
Invesco Asia loses an emerging markets brief of between e40-45m and the assets from both managers will be split between the remaining managers within the fund’s investment structure.
The fund stresses that performance was not a defining factor in the dropping of either manager.
Amonis, the new supplementary healthcare sector pension fund, has a potential active membership of around 250,000 workers.
VKG will play a key role in the investment structure and administration of the new sector fund.
The new Sicav – the first non-banking entity of its kind in Belgium - will be open to both institutional and private investors within the healthcare sector from the middle of October.