Post NL appoints Kempen as adviser for its €8.5 billion pension fund

Kempen Capital Management has been confirmed in the role of fiduciary manager by Stichting Pensioenfonds PostNL, the pension scheme for Dutch postal workers, which claims some 95,000 members and assets of around €8.5 billion.

The scheme will begin transferring responsibilities to Kempen from TKP Investments (TKPI), from the end of this year – effectively splitting advice and asset management.

Pensioenfonds PostNL has used TKPI as its fiduciary provider since the pension fund was first established.

René van de Kieft, the fund’s chairman, said the pension fund’s board wanted to make a clearer distinction between strategic advice and manager selection on the one hand, and the execution of investments on the other.

“At TKPI we find the roles are mixed up – the same people play a role in advising and organising the mandates,” he said.

Van de Kieft added: “We are satisfied with TKPI as an asset manager and the returns that it has made on our investments.

“We have noticed, however, that in the advisory role TKPI lacks knowledge and experience in research and advice on certain alternative investments.”

From the end of 2018, PostNL will begin transferring parts of the fiduciary mandate to Kempen, starting with the strategic advice on the investment portfolio, including the overlays for interest rate and currency hedging.

PostNL has also tendered for a new custodian. It currently uses Citi Bank for its holdings with TKPI.