Searches and Hires

Dutch foundation taps UBS, DWS for €3 billion passive equity portfolio

The Foundation for Pension funds, Work and (Re)Integration, Utrecht, Netherlands, hired UBS Asset Management and DWS Group to manage its €3 billion ($3.5 billion) equity portfolio, a spokeswoman said.

The two money managers will each run €1.5 billion in passive equity.

The €8.9 billion foundation redesigned almost all of its equity portfolio strategy, which was managed actively and passively by fiduciary manager BMO Global Asset Management. The allocation was split into four regions: U.S., Asia-Pacific excluding Japan, Europe and emerging markets.

It was recently replaced with a fully passive strategy, that is now split into two regions — developed markets and emerging markets. The portfolio has a rules-based environmental, social and governance overlay, the spokeswoman said. BMO remains fiduciary manager for the foundation.

A separate €100 million equity allocation, aimed at encouraging companies to create jobs for workers with limited access to the labor market in the Netherlands, remained unchanged, she said.