Stichting Pensioenfonds Vopak, Rotterdam, Netherlands, hired BlackRock as fiduciary manager, initially running about 80% of the fund’s €530 million ($723 million) in assets, according to Cees Blokzijl, pension fund director.
BlackRock will assist in reviewing Vopak’s remaining investment portfolio — an active €12 million real estate strategy managed by Aberdeen Asset Management, an SSgA passive global equity portfolio totaling about €70 million and an active €22 million emerging market bond mandate run by Invesco.
Vopak’s overall investment portfolio returned -19% in 2008, bringing its funding level to 97% as of Dec. 31 from 135% at the end of 2007.
BlackRock takes over for Mn Services, said Mr. Blokzijl, who would not say why Mn was replaced. Geert-Jan Cath, Mn Services spokesman, could not be reached by press time for comment.
Consultant Towers Perrin assisted.
