Eduard van Gelderen, former APG chief executive, is to leave his position as senior managing director at the $107bn (€91.4bn) investment fund of the University of California after less than a year in the role.

Jagdeep Bachher, the fund’s chief investment officer, confirmed to IPE’s Dutch sister publication Pensioen Pro that Van Gelderen was to leave the university’s investment office, which runs endowment, pension and cash assets.

According to Bachher, Van Gelderen has accepted a new position as chief investment officer of the Public Sector Pension Investment Board, a CAD153bn (€99bn) investment manager based in Montréal, Canada. This has not been confirmed by the Canadian company.

When contacted, the former APG CEO indicated he could not comment, citing his current employer’s rules that forbid him to talk to the media.

Van Gelderen left APG in August after seven years at the Dutch asset manager. He joined initially as CIO, before succeeding Angelien Kemna as CEO in 2014.

When APG announced his departure in May 2017, its spokesman told Pensioen Pro that he had always wanted to work in the US. He added that Silicon Valley close by would make Van Gelderen’s new role “even more attractive”.

US publication Institutional Investor first reported Van Gelderen’s departure last week. It highlighted two other resignations from the university investment team in a three-week period.

In Bachher’s opinion, the job changes proved that the talent at his investment fund was being noticed by other large institutional investors.

However, he also made clear that Van Gelderen’s position would not be filled in and that other members of the executive team would take over his tasks.

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