Pensioenfonds British American Tobacco, Amsterdam, will consider the results of a recent asset-liability study at a November board meeting, said Clemens Heijne, plan manager.
The 600 million guilder ($251 million) plan might cut back its bond portfolio and increase its equity allocation by 10 percentage points, to 50% of total plan assets, Mr. Heijne said. Further details will be announced after the November meeting, he said.
State Street Global Advisors is responsible for managing the plan’s 240 million guilders in equities, all indexed. Lombard Odier manages the plan’s 300 million guilder fixed-income portfolio. The plan’s remaining 60 million guilders is invested in property, which is managed internally.
The study was conducted by Ortec Consultants.
