Stichting Beroepspensioenfonds Loodsen, Hook of Holland, Netherlands, hired BlackRock as fiduciary manager, the €1 billion ($1.1 billion) pension fund said on its website Sunday.
In addition to strategic advice, BlackRock will be responsible for manager selection and the monitoring of managers and management of interest rate risk and currency hedging.
"Although we were delighted with the quality of several service providers, we are convinced that BlackRock is the best long-term partner for us. In addition, we directly benefit from their economies of scale and negotiating power. This is reflected in lower costs for the participants in our pension fund," said Robert de Jonge, chairman of the pension fund, in a news release.
A spokesman for the pension fund could not be immediately reached for further comment.