European gas pension fund switches currency managers
T he €1 billion pension fund of Gasunie, the Netherlands-based gas infrastructure company, terminated ING Investment Management’s currency overlay mandate, according to Global Money Management, a sister publication of EuromoneyFXNews.
KAS Bank will be replacing ING to manage the overlay portfolio, according to the fund’s investment manager Arjan Huijsen. Huijsen declined to comment on the specific reason for the change and declined to disclose the mandate size.
He said no other managers were on the watch list for further changes.
The pension fund is still planning to conduct an asset/liability matching study this year but might delay it due to the new Dutch pension agreement. The plan now is to conduct it during the fourth quarter at the earliest, says Huijsen.
The scheme invests 45% in bonds, 35% in equity, 10% in real estate, 7.5% in commodities and 2.5% in liquid assets.