BGI to run passive portfolio for Dutch fund

PGGM, which manages assets for the €88 billion ($133 billion) Pensioenfonds Zorg en Welzijn, Zeist, Netherlands, hired BGI to manage “a large part” of the €10 billion PGGM is moving to passive from active strategies, confirmed spokeswoman Ellen Habermehl. She would not provide specifics. About €5 billion came from terminating 15 active equity and fixed-income managers whom Ms. Habermehl declined to identify; the remainder is coming from internally managed active strategies. “Having separated our alpha and beta structurally, we came to the conclusion that we’re dissatisfied with the returns of the actively managed portfolio,” Ms. Habermehl said. BGI spokeswoman Maxi Freeman could not be reached for comment.