Two investment professionals at APG Asset Management, which runs assets for the €208 billion ($284 billion) Stichting Pensioenfonds ABP, Heerlen, Netherlands, were dismissed for violating the firm's code of conduct, according to spokesman Thijs Steger.
The two employees, based in Amsterdam, had “failed to make sufficient distinction between business and personal transactions,” Mr. Steger said an e-mail response to questions. “It is not allowed to do personal transactions in shares that APG also invests in. They did not comply with that rule.”
No financial losses to clients resulted from the breach of conduct, which was initially detected by firm officials through an internal compliance system and followed by an internal investigation. The Dutch Central Bank and the Netherlands Authority for the Financial Markets, which regulates Dutch financial markets and is similar to the SEC in the U.S., have been informed of the violations.
The names of the employees were not disclosed per company policy.