APG to reduce staff by 20%
By Thao Hua | October 22, 2012 12:46 pm
Dutch money manager APG Group announced plans to cut about 20% of its staff over the next four years, spokesman Thijs Steger said.
The restructuring is the final step in the integration of APG and Cordares, which merged in 2008. Furthermore, the plans reflect the current investment environment in which clients are more focused on cost, Mr. Steger said.
The company will reduce about 200 jobs per year, about 120 positions through attrition and the rest through layoffs. The cuts will affect Dutch operations mostly in pension administration, pension collections, communication, and information and communications technology.
The cuts will make APG more “fit for the future,” Mr. Steger said.
APG manages about €314 billion ($410 billion) in assets for multiple institutional clients and is owned by the €274 billion Stichting Pensioenfonds ABP, Heerlen.
APG employs about 4,100 people worldwide, with about three-quarters of the work force based in the Netherlands.