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Pension Funds

PGGM appoints new CEO

Edwin Velzel was named CEO at PGGM, the manager of the €185 billion ($218.5 billion) Pensioenfonds Zorg en Welzijn, Zeist, Netherlands, according to a news release Thursday.

Mr. Velzel, currently chairman of the PGGM supervisory board, will succeed Else Bos on Nov. 1. Ms. Bos was named executive director and chairwoman for prudential supervision at De Nederlandsche Bank.

"PGGM is gaining a highly experienced and ideal CEO, who has a clear vision of the major challenges facing the pension fund service provider," Wim de Weijer, the acting chairman of PGGM supervisory board, said in a news release.

A PGGM spokesman said a procedure to appoint a new chairman for the supervisory board will start "shortly." Mr. de Weijer took the role of acting chairman following the appointment of Mr. Velzel. He was vice chairman.

Mr. Velzel added in the release: "PGGM is about outstanding pension management and is making preparations in anticipation of a fast-changing market. That calls for close collaboration with our customers and social partners, cost-efficiency, and ensuring that we are ready for the arrival of a new pension system in the areas of asset management, pensions management, policy advice and IT systems. This should all go hand-in-hand with the social involvement that forms an integral part of the PGGM identity."

PGGM had €206 billion in assets under management as of June 30.