Four responsible equity specialists have left Dutch fiduciary manager PGGM to set up their own shop, Diana Abrahams, PGGM spokeswoman, confirmed.
Alex van der Velden, former head of responsible equity, who oversaw PGGM's €3 billion ($4.9 billion) responsible equity strategy, has departed, taking Antoinette van Lier, Francois Schockaert and Otto van Buul with him.
The four plan to run a similar strategy for a wider range of clients, Ms. Abrahams said. The managers and PGGM have agreed not to discuss the name or other details of the new business before Nov. 1.
“We have to (put some distance between us) before we come together in any way,” Ms. Abrahams said in response to questions about whether PGGM will either fund the new business or outsource assets to it.
Reached by phone, Mr. van der Velden declined to comment, citing the non-compete agreement.
Felix Lanters was named interim head of responsible equity at PGGM. Mr. Lanters previously worked in various part-time project-based roles at PGGM.
PGGM manages assets on behalf of the €111 billion Stichting Pensioenfonds Zorg en Welzijn, Zeist, Netherlands, among other pension funds.