Laurus NV, s'Hertogenbosch, Netherlands, hired PIMCO to manage 240 million euros ($310.9 million) in active global bonds and AllianceBernstein to manage 100 million euros in active global equities that will be evenly split between growth and value, said Jerome Knikkink, Laurus' treasurer. He said the foundation that administers the 340 million euro pension fund hired the managers as part of a recent move to separate bond and equity mandates from balanced portfolios. Funding came from terminations of ING Investment Management and Robeco, said Mr. Knikkink. Both firms each ran 170 million euro portfolios that were 75% bonds, 20% equities and 5% real estate. Mr. Knikkink said performance also was an issue.
Ronald Florisson, Robeco spokesman, acknowledged the performance issues were on the equity side of the balanced portfolio and said Robeco competed against PIMCO for the fixed-income mandate. Robeco continues to have a good relationship with Laurus, Mr. Florisson said.
Jos van Druten, ING spokesman, could not comment on the matter by press time.
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