NETHERLANDS - The Dutch social fund for the building industry, or SFB, has changed its name and says it will intensify its efforts in finding new clients.

Under the new name Cordares, the organisation, which implements 25 different schemes and has €25.1bn in assets under management, will also be looking for clients from other pensions sectors than just the building industry.

It offers administration, implementation, asset management and additional insurance.

Cordares is already negotiating with individual company funds as well as complete industry-wide schemes, chairman Joep Schouten said in the Dutch daily Het Financieele Dagblad. He expects at least two large pension funds joining Cordares this year. “Our scheme could expand one-thirds before we hit our limits,” Schouten added.

“We have a sufficient scale for operating at minimal costs,” he added. Cordares manages the fixed income portfolio and part of the European equity portfolio itself. The other investments have been contracted out to asset managers.

Cordares has already removed some management layers from the organisation.

Together with KLM scheme Blue Sky and metals fund MN Services, Cordares has a special position in the Dutch pensions market. All schemes originate from one large client, but have expanded their activities and implement the asset management and administration.

“Our position is somewhere between the largest schemes ABP and PGGM, which do everything themselves, and the commercial insurers,” Schouten explained.

“We aim at the management and administration of whole schemes as well as offering collective and individual pension insurances.

“This way we think we are an alternative to many of the approximately 600 Dutch pension schemes which, under pressure of new legislation, are looking for new ways of organisation.”

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