NETHERLANDS – Stichting Pensioenfonds Volvo Car BV (VCBV) has agreed to outsource the management of a third of its total investment portfolio (€200m) to MN Services – the fund’s new fiduciary manager.

VCBV – the pension scheme for, among others, NedCar - traditionally managed its €600m portfolio in-house with some external assistance.

However, developments within the financial markets and the need for greater expertise has lead it to outsource, MN said.

Following a competitive selection process involving Dutch and foreign investment managers, MN will now co-ordinate all the investment management activities. It will also deliver full investment administration and reporting duties.

As of 1 January 2006, it will actively manage approximately €200m out of the €600m. The remainder will stay with external manager, Legal & General.

“MN Services offers Stichting Pensioenfonds VCBV among other things a concise summary of its total investment portfolio and detailed insight into the performance/risk ratios,” said the statement.

NedCar produces Mitsubishi and Smart cars and has 3,000 employees.