Stichting Pensioenfonds Medische Specialisten, Utrecht, Netherlands, hired BlackRock as fiduciary manager and APG Group as pension services provider for the €5.3 billion ($6.7 billion) fund as of Jan. 1.
Jeroen Steenvoorden, managing director of the fund, said SPMS' current fiduciary manager — Doctors Pension Fund Services — will continue to provide all services until next year.
Mr. Steenvoorden said the changes are mostly due to an increasingly complex pension and investment environment, leading fund officials to seek larger providers “in order to reduce vulnerability.” The roles of fiduciary manager and pension services provider were also split “to get the best provider to suit our needs in each category.”
SPMS' current target investment portfolio is 34% listed equity, 34% in bonds, 15% in real estate, 5% in inflation-linked bonds, 2% in commodities and the remainder in hedge fund and global TAA strategies.
