NETHERLANDS - Pensioenfonds Vervoer, the €10bn pension fund for Dutch transport workers, has awarded Robeco a mandate to run the entirety of its assets on an integrated basis.

Vervoer was one of the first schemes in the Netherlands to make such an appointment in 2006, when it hired Goldman Sachs Asset Management International (GSAM).

It ditched GSAM as fiduciary manager last year after a four-year contract.

At the time, the pension scheme said: "The fiduciary management of GSAM and the resulting performance didn't match the expectations of the board."

Vervoer appointed Northern Trust Global Advisors as interim monitor of external asset managers as it conducted the selection process - supported by KPMG Advisory - for a new fiduciary manager.

Now, Rotterdam-based Robeco will advise and implement the board's approved strategy, while Robeco's Swiss-based subsidiary, Corestone, will fulfil the manager-of-manager function for all asset classes.

Vervoer said it decided to appoint Robeco after a thorough and extensive selection process, with substantial participation of the fund's board.

Roelie Hidding and Leon Ceelen - employees and employers' chairmen at Vervoer, respectively - said they were confident their assets would be "in good hands" with Robeco and that they looked forward to a "fruitful cooperation".

Pensioenfonds Vervoer manages pensions for employees, former employees and retirees in the transport sector - the fund has more than 191,000 active participants, nearly 342,500 members entitled to deferred benefits and 63,500 retired participants.

As at the end of August, its coverage ratio was 98.6%.

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