Stichting Pensioenfonds ABP, Heerlen, Netherlands, will spin off its New York based hedge fund team next month into a separate fund-of-funds company called New Holland Capital. Thomas Dunn and Ira Handler, senior managers on ABP's hedge fund team, have been appointed managing principals of New Holland.
ABP's hedge fund team is responsible for managing $5 billion for the plan, mainly in single-strategy hedge funds. There are no plans for New Holland to seek business from other organizations outside of ABP, but the possibility has not been excluded, ABP spokesman Michel Meijs said in an e-mailed response to questions. ABP's assets as of June 30 totaled were e194 billion (US$243.5 billion).