Dutch fiduciary manager PGGM will cut about 15% of its workforce in the next three years as part of a €50 million ($63.1 million) cost-saving program, said a spokesman.
He said 200 full-time equivalent staff, out of 1,300, will be cut by 2017.
The €178 billion ($224.8 billion) manager will also have to look at the prices it charges pension fund clients for its services.
The spokesman said cost savings and cuts will affect every part of the company, but that he could not yet be more specific.
“The Dutch pension market is becoming more and more dynamic and PGGM needs to have the flexibility to adapt,” said Else Bos, CEO at PGGM, in an e-mailed statement. “The price of our products needs to go down because cost for our clients is playing an ever more important role.”
Part of the cost-lowering program is also focused on altering the organization to better align with pension funds’ needs, the spokesman said. Ms. Bos added that the program “needs to make possible the development of new services.”