Pensioenfonds Horeca & Catering, Zoetermeer, Netherlands, hired BlackRock and Cohen & Steers to manage €480 million ($646 million) in fixed income and €125 million in listed real estate, respectively.
The €3.5 billion plan terminated F&C Asset Management from the portfolios because of poor performance. Jet Gerla, senior manager for investment management at the pension plan, said fund officials expected better performance from the new hires. F&C officials were not available for comment by press time.
F&C continues to manage a €50 million convertible bond portfolio for the plan.