Stichting Shell Pensioenfonds, Rijswijk, The Netherlands, is conducting an asset-liability study that might result in increasing equities and decreasing real estate, said Kees van Rees, managing director of the 20 billion guilder ($11.5 billion) fund.
Mr. van Rees cautioned, however, an expanded equity allocation does not mean the fund will hire more managers. ``We have substantial in-house investment capacity,'' he said.
Sources suggest Shell would go to 65% in stocks, up from 55%. But Mr. van Rees said the study will not be completed until the end of the first quarter, and trustees would have to approve any recommendations. He said the study also might result in a decrease in the fund's real estate allocation, which is about 15%. The study is being conducted internally, with the assistance of Gouda-based Ortec.