Bpf Meubel, Amsterdam, hired SEI as fiduciary manager for 87% of its €1.5 billion ($2.3 billion) in assets, confirmed Rob Janssen, senior adviser for Meubel. Bpf Meubel is the collective pension fund for the Dutch furniture industry. SEI will be responsible for asset allocation, manager selection and monitoring, along with related services such as risk management and derivatives implementation. The remainder of the fund, about €200 million, will continue to be managed by Syntrus Achmea in direct real estate and domestic Dutch mortgage securities.
The portion affected by the fiduciary management mandate about €1.2 billion had been managed by SSgA, F&C Asset Management, ING Investment Management, Fortis Investments and Robeco. Mr. Janssen declined to specify the amount or the asset classes each managed.
Investment consultant Goris & Partners assisted.