ABP, the giant Dutch pension scheme for the public service sector is opening an investment office in Amsterdam. Its head office is Heerlen, in the south of the country.

The office will be based at the World Trade Center at Amsterdam Airport and will open this summer.

The office will be the base for the new structured investments unit, which focuses on less liquid long-term investments in real estate, private equity and structured finance, says ABP.

One of the reasons for opening the office is to be close to the country's financial centre, as particularly for structured investments it is necessary to be near other other finance houses. It should also make the recruitment easier of those with the specialised investment and financial expertise the fund needs.

ABP also has an investment office in New York, which is being expanded from the current level of two to up to 12 people this year and to around 20 next year. This office will be involved mainly in fixed interest management, done both externally and internally.

The fund, which had assets of Dfl230bn($115bn) at end 1997, employs a total of around 2,500, of which those involved in investment come to 140, a number that is set to increase to 200 over the next few years (see page 37). Fennell Betson

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