Stichting Pensioenfonds Oce, Venlo, Netherlands, hired Goldman Sachs Asset Management as fiduciary manager of its entire €750 million ($941 million) plan, according to pension fund president Ben Mulder. Under the new mandate, Goldman Sachs will advise on risk budgeting and asset allocation as well as appointment and termination of asset managers. ING Investment Management Europe managed the pension plan, which has 50% of its assets invested in bonds, about 40% to 45% in equities and the rest in real estate, Mr. Mulder said. It has not been decided whether ING will retain management duties for any portion of the fund. ING spokeswoman Tracey Gordon could not be reached for comment as of press time.
Mr. Mulder said the change was made to "increase investment efficiencies."