Stichting Pensioenfonds Werk en (re)Integratie, Amsterdam, hired APG as fiduciary manager, effective Jan. 1, 2012, according to Sjoerd Hoogterp, director at the €4 billion ($5.5 billion) fund.
APG will replace Syntrus Achmea, whose contract expires at year’s end. PWRI “felt that from a strategic position, APG was a better fit for our organization,” Mr. Hoogterp said.
According to the 2009 annual report, the latest information available, the fund has 51.2% of its assets in a liquid portfolio, and the remainder in illiquid strategies.
In the liquid portfolio, equity accounted for 62% while bonds totaled 23% of the assets, with the remainder invested mainly in two special opportunities funds. Within the illiquid portfolio, a LDI strategy accounted for about 68% and real estate totaled about 17% of the assets. Mortgages totaled 11.3%, with the remainder invested in private equity, global TAA and hedge funds of funds strategies.
