NETHERLANDS – Stichting Pensioenfonds Vopak, the pension scheme of oil services firm Koninklijke Vopak, has appointed MN Services as fiduciary manager.

It is the third such client that MN has picked up in the last year and takes its institutional clients to 12.

“In this role MN Services will coordinate the investment management activities of Stichting Pensioenfonds Vopak and will deliver administrative and reporting duties,” MN said in a release. It added that it would also actively manage around €210m, or about 40%, of the portfolio.

MN said: “By transferring its investment management to MN Services, Stichting Pensioenfonds Vopak wants to structurally improve its investment results.”

It said it was chosen because of its pension background and its thorough knowledge of the Dutch pension world and the freedom of choice it offers its clients.

MN has more than €24bn in assets in management and says it is the third largest investment manager for pension schemes in the Netherlands.