Stichting Pensioenfonds Arcadis, Arnhem, Netherlands, hired Frank Russell to manage a 150 million Dutch guilder ($57.7 million) global balanced multimanager portfolio.
The move follows a decision by the 1.4 billion guilder plan to terminate a 700 million guilder balanced portfolio run by Fortis Investment Management and adopt a range of balanced and specialist managers in its place, said plan administrator Rolf van Geldere. Fortis was terminated for performance, he said.
The other new managers are: Robeco, which will manage a global balanced portfolio; ING Asset Management, global balanced; Delta Lloyd Fondsbeheer, European fixed income and European equity; and Harbour Capital Advisors, international equity. He would not provide further details.
Jan Lodewyk Roebroeck, executive director institutional clients for Fortis Investment Management, said he would not comment on individual clients.