Bob Radecker will step down as CIO for public markets at PGGM at the end of the year, a spokesman confirmed.
Mr. Radecker is responsible for internal and external management of public market investments, treasury and trading. PGGM's public markets AUM as of Dec. 31 was €200 billion ($245.6 billion). A replacement has not yet been named, the spokesman said.
PGGM is the in-house manager of Pensioenfonds Zorg en Welzijn, Zeist, Netherlands, which has €238 billion in assets.
"Bob has worked with great dedication on a high-quality and excellent platform for public market investments for our clients," Geraldine Leegwater, PGGM CIO, said in a news release Wednesday. "PGGM has benefited tremendously from his in-depth knowledge of these markets. His very timely announcement that he will step down from this position at the end of the year gives us time to decide how to handle his departure as CIO."
Mr. Radecker is considering different positions at PGGM and other firms, such as supervisory, advisory and risk management roles, the release said. He has been responsible for public markets at PGGM for 16 years.
The timing of the change is appropriate as PGGM will soon be implementing PFZW's investment policy to comply with new Dutch and European Union's sustainability regulations, Mr. Radecker added in the release. The rules are aimed at the disclosure of investments that have a negative impact on the environment as well as moving to a low-carbon economy by 2050.
PGGM had €266 billion in assets under management as of Dec. 31.
