NETHERLANDS - The €150m pension fund for the wheel and tyre industry has chosen pension provider Mn Services as fiduciary manager for its assets.
Mn Services will advise on investment policy at a strategic level and organize operational matters relating to the pension fund's asset management, the Rijswijk-based asset manager said.
"At a time when speed of action is essential for a healthy financial result for our members, the step towards fiduciary management of the assets is quite logical. With expert advice and a carefully formulated objective, we eventually reached MN Services," commented chairman Ruud Spuijbroek, on his scheme's choice.
"We aim at above-average returns through responsible investment, which is a structural part of our investment policy," said Roland van den Brink, executive board member of Mn Services, and responsible for asset management.
The €22bn industry-wide pension for the mechanical and electrical engineering industry PME last year entrusted its pension assets to Mn Services. The pension schemes of animal food company Nutreco and sweetener manufacturer Cerestar - with assets of €260m and €90m respectively - also selected the asset manager in 2007.
The pension fund for the wheel and tyre industry serves over 5,000 workers, 8,000 deferred members and over 300 pensioners, associated with almost 450 employers. The scheme was established in 1986.
Mn Services manages €61bn of assets, and provides pensions for over 1.1m people and approximately 33,000 companies.
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